Zovio Inc Reports Third Quarter 2020 Results

CHANDLER, Ariz., Oct. 28, 2020 /PRNewswire/ -- Zovio Inc (NASDAQ: ZVO), an education technology services company, today announced its results for the three and nine months ended SeptemberA 30, 2020.
Zovio Inc Reports Third Quarter 2020 Results
"We delivered a strong third quarter of 2020 with a return to low-single digit new enrollment growth and a 320 basis point improvement in student retention, the highest level since the second quarter of 2016. Additionally, our subsidiaries - Fullstack, TutorMe and Learn@Forbes - saw further momentum with new partnerships, increased usage and increases in subscriptions, respectively. As we near year end, we continue to target the closing of the sale of Ashford University to University of Arizona, marking our final step in Zovio's evolution to a world-class education technology services company. Our innovative, flexible and data-driven solutions will undoubtedly enhance our clients' efforts throughout the students life cycle, while at the same time allowing learners to achieve superior outcomes. We are optimistic as we look to our future, and believe there remains a significant value creation opportunity for all of our stakeholders," commented Andrew Clark, Founder, President and Chief Executive Officer.Financial Results for the Three Months Ended SeptemberA 30, 2020Revenue for the three months ended SeptemberA 30, 2020 was $102.2 million, compared with revenue of $104.3 million for the three months ended SeptemberA 30, 2019.
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