Post-secondary education services provider Zovio has reported second-quarter 2019 net income of $5.1 million, compared to a net loss of $17.6 million reported for the second quarter of 2019. Revenue for the quarter was $103.9 million, compared to $107.5 million reported for Q2 2020.

The San Diego-based company also announced results for the first six months of 2020. Its net income for the period was $7.2 million, compared to a net loss of $24.2 million reported for Q2 2019. Revenue for the six-month period was $201.8 million, down from revenue of $217.3 million reported for the first six months of last year.

Zovio founder, president and chief executive Andrew Clark said: “Our team executed exceptionally well in the second quarter of 2020, driving new enrolment ahead of our expectations. We also saw tremendous progress with our growing platform of innovative software and services to support learners. University partners continue to see the value of Fullstack and TutorMe’s offerings, together adding 35 new partners during the quarter. Further, TutorMe saw triple-digit increases in consumer and partnership usage from the prior year, while [email protected] substantially increased active subscribers.

“Today marks the start of Zovio’s next chapter as a world-class education technology services company, as we announced jointly with the University of Arizona its intent to create a new, non-profit entity that will bear the name of The University of Arizona Global Campus and will acquire Ashford University. The University of Arizona Global Campus, which will be powered by Zovio’s innovative solutions that personalise each student’s individual learning experience, will be a fully online university providing access to affordable high-quality higher education with flexible opportunities to students from diverse backgrounds to achieve their educational and life objectives.”

Date published: 13 August 2020

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