Repeating the pattern of the first quarter, Nerdy, a direct-to-consumer, curated gig economy platform for live online learning, has announced a reduced loss for its second quarter as revenue continues on an upward path.
The St Louis, Missouri-based company registered a second-quarter 2021 net loss of just $336,000, compared to a net loss of $4.1 million reported for Q2 2020.
Revenue for the quarter was $32.8 million, up from $21.6 million reported for the second quarter last year.
Nerdy also reported results for the first six months of 2021. Its net loss for the period was $6.1 million, down from $12.1 reported for the first six months of last year. Revenue for the half-year was $67.4 million, up from $44.6 million reported for the first six months of last year.
Chuck Cohn, founder, chairman and chief executive of Nerdy, said: “Nerdy’s operating and financial results exceeded our targets in Q2, including both revenue and gross profit growth over 50%, driven by several factors including year-over-year active learner growth, subject expansion into areas like professional and learning differences, and expansion into new formats beyond one-on-one instruction such as small group classes. We’re well positioned to help schools and students with a multi-format approach that supports personalised learning, regardless of the uncertain environment surrounding the new school year.”
Date published: 12 August 2021