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2U Reports Results For Second Quarter 2022

Published: 07/28/2022 21:31 GMT
2U Inc (TWOU) - 2u Reports Results for Second Quarter 2022.
Q2 Revenue Rose 2 Percent to $241.5 Million.
Q2 Adjusted Loss per Share $0.10.
Sees Full-year 2022 Revenue to Exceed $960 Million.
Sees Full-year 2022 Net Loss to Range From $240 Million to $230 Million.
Expects Implementation of Headcount Reductions Will Be Completed in Q3 2022 While Remainder of Plan is Expected to Be Completed by End of 2022.
Estimates It Will Incur Aggregate Restructuring Costs Associated With Plan Ranging From About $35 Million to $40 Million.
Expects Additional $70 Million in Annualized Cost Savings, Primarily Due to Savings Associated With Headcount Reduction,reduced Real Estate Costs.
Implementation of a Plan to Accelerate Its Transition to a Platform Company and Align Its Cost Structure and Strategy.
Plan Reorients Company Around Edx Platform.