2U reports Q1 adjusted EPS (22c), consensus (34c)

Reports Q1 revenue $198.4M, consensus $196.14M. “With our leading position in the education industry, 2U has a significant opportunity to respond to and support the current technology moment, where advances in generative AI are driving strong demand for workforce development,” said CEO Paul Lalljie. “While we are pleased that first quarter results were better than our expectations, significant work remains to execute our turnaround,” added CFO Matthew Norden. “We continue to deliver strong growth in our executive education offerings and are pursuing additional operating efficiencies across the business by reducing personnel expense, rationalizing our real estate footprint and lowering delivery costs. We believe our increased cash position of $137M, together with the kick-off of our performance improvement initiatives, put us in a strong position to fix our balance sheet.”