US-listed shares of Gaotu fall after downbeat revenue forecast

Gaotu Techedu

21/05/2024 10:38

** U.S.-listed shares of China's online education firm Gaotu
Techedu  GOTU.N  slip 6.7% to $7.66 premarket after a downbeat
revenue forecast 
    ** Co's net revenue up 33.9% YoY to 946.9 million yuan;
expects Q2 net revenue between 908 million yuan-928 million yuan
    ** Analysts were expecting Q1 revenue of 943.7 mln yuan and
Q2 revenue of 1.02 bln yuan, as per LSEG estimates
    ** GOTU's non-GAAP net income plunge 97.7% YoY to 3.0
million yuan
    ** Six of eight brokerages rate the stock "buy" or higher
and two "hold"; their median PT is $8.61
    ** As of last close, GOTU's stock had risen 125.96% YTD 
    
($1 = 7.2375 Chinese yuan renminbi)
    

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.sharma@thomsonreuters.com))