ZVO - Zovio falls after enrolment pressure tips revenue miss

Zovio (ZVO -8.6%) is down after reporting miss on both lines in its Q3 earnings results. Revenue of $62.2M (-39.1% Y/Y) misses consensus by $0.35M. Operating loss of $5.1M compared to operating income of $0.7M. Adjusted EBITDA loss of $2.33M vs. Adjusted EBITDA income of $4.90M in 3Q20. Non-GAAP EPS of -$0.12 misses by $0.05; GAAP EPS of -$0.16 misses by $0.04 The company ended the quarter with $31.6M in cash and cash equivalents. "While enrolment in our University Partner Group has remained pressured, we are seeing retention stabilize as we execute on a number of initiatives to increase enrollment and deliver strong student outcomes. In addition, Fullstack and TutorMe continue to enhance our ecosystem to support learners' education and career aspirations through additional partnerships and programs," says George Pernsteiner, Zovio Board Chair and Interim CEO. The company continues its search of new CEO, report. Forward Looking Statement: "Our outlook for Zovio Growth

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Zovio falls after enrolment pressure tips revenue miss