Why GSX Techedu Stock Was Hammered Again on Friday
Shares of Chinese distance-education company GSX Techedu (NYSE: GSX) were hammered on Friday after it reported earnings for the third quarter of 2020. In recent weeks, the stock has been in free fall. Today, it was down 20% as of 11:15 a.m. EST. And including today's drop, it's down nearly 60% from its highs.
In GSX Techedu's press release, it highlighted net revenue of 1.966 billion yuan (about $300 million). This represents phenomenal 253% year-over-year growth. Paid course enrollments were up 134% from last year. Those top-line numbers look great. But the stock is down because of the bottom-line results.
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Source Fool.com
