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- Gaotu Techedu Inc GOTU reported a third-quarter FY22 sales decline of 45.6% year-on-year to RMB606.2 million ($85.21 million).
- The revenue decrease was driven by the organizational adjustments and business restructuring it performed to comply with government regulations.
- Gross billings for the quarter jumped 101.3% to RMB607 million from RMB301.6 million last year.
- Gross profit rose 9.4% Y/Y to RMB437.4 million, and the margin expanded 3,630 basis points to 72.2%.
- Operating expenses for the quarter decreased by 65.8% to RMB506.9 million.
- Operating loss for the quarter was RMB(69.6) million versus RMB(1.08) billion loss last year.
- The company held RMB3.3 billion in cash and equivalents as of September 30, 2022.
- The company registered a net loss of RMB(61.4) million for the quarter compared to a net loss of RMB(1.04) billion last year.
- Non-GAAP net loss per ADS was RMB(0.17) in Q3.
- The company's board of directors authorized a $30 million share repurchase program.
- In addition, Larry Xiangdong Chen, the company's founder, Chairman and CEO, also intends to personally purchase up to $20 million of shares.
- GOTU also stated that SEC had concluded its investigation that followed the publication of various short sellers' reports and did not intend to recommend an enforcement action against the company.
- Outlook: Gaotu sees Q4 revenue of RMB608 million – RMB628 million, representing a decrease of 50.7% to 52.3% Y/Y.
- Price Action: GOTU shares are trading lower by 4.72% at $1.01 on the last check Tuesday.
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