Gaotu Techedu Inc. (NYSE: GOTU) today announced its unaudited financial results for the third quarter ended September 30, 2021. Gaotu third quarter net revenues $175 million, net loss $164 million.
Third Quarter 2021 Highlights
Net revenues was RMB1,114.9 million($175 million), compared with net revenue of RMB1,965.8 million in the same period of 2020.
Net revenues of online K-12 courses was RMB993.2 million, compared with net revenue of online K-12 courses of RMB1,757.2 million in the same period of 2020.
Gross billings was RMB301.6 million, compared with gross billings of RMB2,086.2 million in the same period of 2020.
Gross billings of online K-12 courses was RMB198.8 million, compared with gross billings of online K-12 courses of RMB1,793.5 million in the same period of 2020.
Paid course enrollments[3] was 86 thousand, compared with paid course enrollments of 1,256 thousand in the same period of 2020.
Paid course enrollments of online K-12 courses was 46 thousand, compared with paid course enrollments of online K-12 courses of 1,147 thousand in the same period of 2020.
Net loss was RMB1,044.6 million($164 million), compared with net loss of RMB932.5 million in the same period of 2020.
Non-GAAP net loss was RMB989.3 million, compared with non-GAAP net loss of RMB863.6 million in the same period of 2020.
Deferred revenue was RMB1,360.3 million, compared with RMB2,733.7 million as of December 31, 2020.
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