Post-secondary education services provider Zovio has reported a 2020 net loss of $49 million, compared to a net loss of $54.8 million reported for 2020. Revenue for the year was $397.1 million, down from $417.8 million reported for 2020.
The San Diego-based company also announced results for the fourth quarter of 2020. Its net loss for the period was $57.2 million, compared to a net loss of $23 million reported for Q4 2020. Revenue for the quarter was $93.1 million, down from revenue of $96.3 million reported for the fourth quarter of 2020.
Zovio founder, president and chief executive Andrew Clark said: “We ended the year strong, executing on the sale of the university [Ashford University, sold to University of Arizona], delivering triple-digit growth in Zovio Growth and exceeding earnings expectations. Zovio is an enviable position as we embark on this new chapter as a leading education technology services business. Our track record of innovation, driven by advanced data and analytics, strong culture and more than 200 institutional partners will allow us to offer services to our university partners that span the student journey and support the best possible outcomes. As we enter 2021, we remain poised for long-term growth and value-creation as we capture the rapid changes in education to empower all learners.”
Date published: 2 March 2021