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A solid earnings report helped lift the Chinese tutoring stock.
Gaotu Techedu Inc (NASDAQ: GOTU) shares are trading higher by 15.53% at $1.52 after the company announced first-quarter earnings results. Gaotu Techedu reported first-quarter EPS of 6 cents.
Gaotu Techedu Inc. (NYSE:GOTU ) Q1 2022 Earnings Conference Call June 6, 2022 8:00 AM ET Company Participants Sherry Liu - Manager of IR Larry Chen - Founder, Chairman and CEO Shannon Shen - CFO Conference Call Participants Mark Li - Citi Operator Ladies and gentlemen, thank you for standing by and welcome to the Gaotu Techedu Inc. First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode.
Gaotu Techedu Inc (NYSE: GOTU) reported a first-quarter FY22 sales decline of 62.7% year-on-year, to RMB724.6 million ($114.305 million), beating the consensus of $82.4 million. The revenue decrease was driven by the company's organizational adjustments and business.
BEIJING , May 23, 2022 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that it will report its first quarter 2022 financial results ended March 31, 2022, before U.S. markets open on Monday, June 6, 2022. Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, June 6, 2022 (8:00 PM on Monday, June 6, 2022, Beijing/Hong Kong Time).
Shares of Chinese companies, including Gaotu Techedu Inc (NYSE: GOTU), are trading higher on hopes Chinese regulators will ease their crackdown on tech and internet companies. Strength comes ahead of an expected joint regulatory meeting, which reportedly could occur this weekend.
Gaotu Techedu, New Oriental Education, and TAL Education join the tech rally.