Nerdy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 04:12 pm EDT
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Nerdy, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 48.84 million compared to USD 42.19 million a year ago. Net loss was USD 3.3 million compared to net income of USD 8.7 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to diluted earnings per share from continuing operations of USD 0.09 a year ago.
For the six months, sales was USD 98.02 million compared to USD 89.11 million a year ago. Net loss was USD 22.23 million compared to USD 8.15 million a year ago. Basic loss per share from continuing operations was USD 0.24 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.24 compared to USD 0.1 a year ago.
Nerdy Inc. operates a platform for live online learning. The Companyâs platform leverages technology, including artificial intelligence (AI), to connect students, users, parents, guardians, and purchasers of all ages to tutors, instructors, subject matter experts, educators, and other professionals. Its comprehensive learning destination provides learning experiences across numerous subjects and multiple formats, including one-on-one instruction, small group tutoring, large format classes, tutor chat, essay review, adaptive assessments, and self-study tools. The Companyâs flagship business, Varsity Tutors LLC (Varsity Tutors), is a platform for live online tutoring and classes. Its solutions are available directly to learners, as well as through education systems. Its offerings also include Varsity Tutors for Schools, a product suite that leverages its platform capabilities to offer high dosage tutoring and its online learning solutions to institutions.