10:22 AM EDT, 05/21/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

Gaotu Techedu ( GOTU ) shares fell by nearly 15% in recent Tuesday trading after the company swung to a Q1 loss and issued a lower-than-expected Q2 revenue outlook.

The Chinese education company swung to a Q1 loss of 0.05 renminbi ($0.01) per diluted American depositary share from earnings of 0.42 renminbi per ADS a year earlier.

Net revenue for the quarter ended March 31 was 946.9 million renminbi, up from 707.3 million renminbi a year earlier. Three analysts polled by Capital IQ expected 943.7 million renminbi.

For Q2, the company expects revenue to range from 908 million renminbi to 928 million renminbi. Three analysts polled by Capital IQ are expecting 1.02 billion renminbi.

Price: 6.83, Change: -1.35, Percent Change: -16.50