Nerdy, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:13 pm EST
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Nerdy, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 31.75 million compared to USD 31.3 million a year ago. Net loss was USD 18.52 million compared to USD 38.76 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to USD 0.27 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to USD 0.27 a year ago.
For the nine months, sales was USD 120.86 million compared to USD 98.65 million a year ago. Net loss was USD 26.67 million compared to USD 44.82 million a year ago. Basic loss per share from continuing operations was USD 0.32 compared to USD 0.27 a year ago. Diluted loss per share from continuing operations was USD 0.32 compared to USD 0.27 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.