Shares of online large-class after-school tutoring service provider in China, GSX Techedu Inc. (GOTU) are down more than 11% Wednesday morning following first-quarter results.
The company reported net loss of $217.64 million or RMB1.426 billion, compared with net income of RMB147.99 million in the same period a year ago, impacted by higher expenses.
Loss per ADS were $0.85 or RMB5.58 in the first quarter compared with earnings of RMB0.59 per ADS.
Excluding items, loss was $202.91 million or RMB1.329 billion compared with income of RMB190.7 million last year.
Non-GAAP net loss per ADS were RMB5.20 in the first quarter.
Net revenues increased to $296.15 million or RMB1.94 billion from RMB1.298 billion last year.
Looking forward to the second quarter, revenue is expected between RMB2,140 million and RMB2,158 million.
GOTU, curretnly at $17.70, has been trading in the range of $16.13- $149.05 in the last 52 weeks.
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