Rosetta Stone, the education technology software company, has announced a second-quarter 2020 net loss of $3.6 million, compared to a net loss of $2.8 million reported for the second quarter of 2019. Revenue for the quarter was $49.2 million, up from $45.9 million in revenue reported for Q2 2019.
The Arlington, Virginia-based company also reported results for the first six months of 2020. Its net loss for the period was $9.8 million, compared to a net loss of $3.35 million reported for the first six months of 2019.
Revenue for the six-month period was $96.4 million, compared to revenue of $90.55 million reported for the first six months of 2019.
Rosetta Stone chairman and chief executive John Hass said: During this unprecedented time, the Rosetta Stone team delivered outstanding second-quarter results, highlighted by 41% growth year-over-year in consolidated bookings, which included a 59% increase in our literacy segment and 92% growth in our consumer language segment. Our commitment to put the customer first, coupled with extremely compelling K12 and language product and service offerings, are clearly resonating in the marketplace. As a result of our strong year-to-date performance and confidence in the second half of the year, we are increasing our 2020 full-year guidance for bookings, revenue, adjusted EBITDA and year-end cash.
“While we remain concerned about the potential negative impact of the economic downturn on school, corporate and consumer budgets, we are determined to continue using this period to ensure that Rosetta Stone will be even better positioned as a leader in learning in a post-Covid-19 world – a world that we believe will align very well with our strengths as an expert provider of technology-based, adaptive blended learning solutions.”
Date published: 10 August 2020