Brief: 2U Reports Results For Second Quarter 2022

2U

28/07/2022 22:22

July 28 (Reuters) - 2U Inc  TWOU.O :
    * 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

Source text for Eikon:  ID:nPn4WJRxLa 
Further company coverage:  TWOU.O 

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