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Zovio Inc (NASDAQ: ZVO) reported its financial results for the second quarter and first half of 2022, highlighting a revenue decline from $69.2 million to $51.4 million year-over-year. The company completed an asset purchase agreement with The University of Arizona Global Campus, transferring all service-related assets. Zovio's cash reserves decreased to $20.8 million, while operating losses narrowed to $0.8 million. Despite a slight reduction in net loss to $4.7 million, non-GAAP operating losses increased to $8.5 million. Zovio is exploring strategic alternatives for its Fullstack Academy subsidiary.
Zovio (Nasdaq: ZVO) has announced the successful agreement to transition its online program management (OPM) business to the University of Arizona Global Campus (UAGC) as of July 31, 2022. This move follows Zovio's strategic initiative to unlock shareholder value and rightsizing efforts. Notably, Zovio previously sold TutorMe for $55 million, which eliminated its debt obligations. The company plans to continue supporting Fullstack Academy while exploring strategic alternatives for its business growth.
Zovio (Nasdaq: ZVO) will release its second quarter 2022 financial results before the market opens on August 1, 2022. Following this, a conference call and webcast for investors and analysts are scheduled at 8:30 a.m. ET. Interested participants can access the call by dialing (888) 330-3204 in the U.S. or (646) 960-0844 internationally, using conference ID 8039474. The call will also be streamed live on the company's website.
Zovio (Nasdaq: ZVO), an education technology services company, has announced its filing of an appeal against a March 2022 ruling by the California Superior Court. The court awarded penalties to the California Attorney General, which Zovio deems excessive and based on a flawed statistical analysis of a mere 126 phone calls. The company argues that the penalties are disproportionate and failed to consider its financial standing. Zovio remains committed to its business strategy while appealing the decision.
Engageli partners with Fullstack Academy to transition its bootcamp programs to a new collaborative online classroom platform. This partnership aims to enhance the learning experience by fostering active peer-to-peer connections and personalized coaching. Fullstack will use Engageli for various tech bootcamps, ensuring accessibility for students with varying internet capabilities. The initiative reflects Fullstack's commitment to providing engaging tech education while helping students gain skills necessary for in-demand tech jobs.
Zovio (NASDAQ: ZVO) announced progress in its turnaround strategy aimed at enhancing shareholder value as of May 26, 2022. New CEO Randy Hendricks has implemented changes to improve operational performance, including restructuring the management team and focusing on enrollment growth at the University of Arizona Global Campus. The company has divested TutorMe, achieved cost reductions, and is exploring further strategic alternatives for shareholder value. Zovio is now debt-free after securing and repaying bridge financing, indicating improved financial flexibility.
Fullstack Academy has launched a new product management bootcamp to address the demand for over 400,000 product management jobs in the U.S. The program lasts 25 weeks and focuses on hands-on learning, covering essential knowledge in product lifecycle, market analysis, and strategy. The increasing demand for product managers has risen by 32% since 2017, with a median salary exceeding $125,000. Registration is open for the inaugural cohort starting July 2022, with a $1,500 Founder’s Scholarship available for early enrollees.
TutorMe, a leading online tutoring platform and a subsidiary of Zovio, has been selected as a finalist for the 2022 SIIA CODiE Award in the Best Virtual Learning Solution category. This recognition represents TutorMe's commitment to providing personalized education support for students of diverse backgrounds. Myles Hunter, CEO of TutorMe, expressed pride in their platform's accessibility and the positive impact it has on learners. The award winners will be announced in a virtual celebration on June 8 and 9, 2022.
Zovio Inc (NASDAQ: ZVO) reported a revenue decline to $61.6 million for Q1 2022, down from $76.9 million in Q1 2021. The operating loss improved to $7.2 million from $9.3 million, and net loss decreased from $9.5 million in 2021 to $7.4 million in 2022. Diluted loss per share also improved to $0.22, compared to $0.29 year-over-year. Non-GAAP results reported a higher operating loss of $4.3 million. However, cash and cash equivalents increased to $33.7 million, up from $28.3 million at the end of 2021, with a positive cash flow from operations of $2.6 million.
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