On February 27th, Gaotu released its financial reports for the fourth quarter and full year of the 2023 fiscal year. According to the financial report, Gaotu achieved a revenue of 761 million yuan in the fourth quarter of 2023, a year-on-year increase of 20.9%; The net loss was 119.6 million yuan, compared to a net profit of 70.61 million yuan in the same period last year.
According to the financial report, the revenue and cost of Gaotu in the fourth quarter of 2023 was 227.7 million yuan, an increase of 42.9% compared to the same period last year of 159.3 million yuan; The gross profit was 533.3 million yuan, an increase of 13.4% from 470.3 million yuan in the same period last year; The gross profit margin decreased from 74.7% in the same period last year to 70.1%. As of December 31, 2023, Gaotu has cash and cash equivalents, restricted cash, short-term and long-term investments, and a total of RMB 4.0252 billion in withdrawable cash on third-party payment platforms.