Gaotu Techedu Inc. Reports Strong Financial Results for Q3 2023\n\nGaotu Techedu Inc. (NYSE:GOTU) has announced its unaudited financial results for the third quarter ended September 30, 2023. The technology-driven education company and online large-class tutoring service provider in China reported a 30.2% increase in net revenues, reaching RMB789.4 million compared to RMB606.2 million in the same period of 2022. Gross billings also saw a 5.3% increase, reaching RMB639.3 million compared to RMB607.0 million in the same period of 2022. The company reported a loss from operations of RMB99.5 million, compared to a loss from operations of RMB69.6 million in the same period of 2022. Non-GAAP loss from operations was RMB83.6 million, compared to RMB53.0 million in the same period of 2022. Net loss was RMB57.7 million, compared to a net loss of RMB61.4 million in the same period of 2022. Non-GAAP net loss was RMB41.7 million, compared to RMB44.8 million in the same period of 2022.\n\nFor the nine months ended September 30, 2023, Gaotu reported a 17.7% increase in net revenues, reaching RMB2,199.8 million compared to RMB1,868.6 million in the same period of 2022. Gross billings also saw a significant increase of 34.1%, reaching RMB2,060.6 million compared to RMB1,536.8 million in the same period of 2022. The company reported a 137.1% increase in income from operations, reaching RMB38.9 million compared to a loss of RMB104.8 million in the same period of 2022. Non-GAAP income from operations was RMB81.6 million, compared to RMB1.1 million in the same period of 2022. Net income also saw a significant increase of 295.6%, reaching RMB112.4 million compared to a net loss of RMB57.4 million in the same period of 2022. Non-GAAP net income was RMB155.0 million, compared to RMB48.4 million in the same period of 2022.\n\nLarry Xiangdong Chen, the company’s founder, Chairman, and CEO, commented on the results, stating that the company is currently focused on defining clear development directions and charting a well-defined path forward. The company is dedicated to building up its core organizational competitiveness and continuously delving into new business initiatives. Gaotu will invest in areas that are strategically important for the company’s success, continue to refine products and services, and build a resilient organization and a robust pool of talent. The company is confident in its ability to deliver high-quality services and achieve sustainable growth.