GOTU's Q2 revenue was 1.0098 billion yuan (RMB, same below), a year-on-year increase of 43.6%; net loss was 0.4296 billion yuan, compared to a net profit of 56.16 million yuan in the same period last year.
According to the financial report released by GOTU (GOTU.US) on August 27th, before the pre-market trading of US stocks, the company reported its second quarter financial results for the 2024 fiscal year. The report shows that GOTU's Q2 revenue was 1.0098 billion yuan (RMB, same below), a year-on-year increase of 43.6%; net loss was 0.4296 billion yuan, compared to a net profit of 56.16 million yuan in the same period last year. As of the time of writing, the stock price has dropped 7.84% before the market opens.
Non-GAAP net loss was 0.418 billion yuan, compared to a net profit of 63.16 million yuan in the same period last year. Diluted net loss per ADS was 1.65 yuan.
Cash inflow was 1.6537 billion yuan, a year-on-year increase of 87.4%. Net operating cash inflow was 0.3862 billion yuan, an increase of 33.8% compared to the same period in 2023.
Gross profit was 0.6964 billion yuan, a 34.3% increase compared to the same period last year when it was 0.5187 billion yuan. Gross margin decreased from 73.8% in the same period last year to 69.0%.
As of June 30, 2024, the company's cash and cash equivalents, restricted cash, short-term and long-term investments totaled 4.1034 billion yuan.
Based on the company's current estimates, it is expected that the total net income for the third quarter of 2024 will be between 1.188 billion yuan and 1.208 billion yuan, a year-on-year growth of 50.5% to 53.0%.
Founder, chairman and CEO Chen Xiangdong said, "In the just concluded quarter, we achieved inspiring results. In the second quarter, the company's revenue reached 1.01 billion yuan, an increase of 43.6% year-on-year, demonstrating a strong accelerating growth trend. As of June 30, 2024, our deferred revenue was 1.58 billion yuan, up 71.5% from the same time last year, providing ample guarantee for the continued acceleration of the business in the second half of the year."
