Companies that offer online educational services are quite in demand ever since the pandemic started. Ever since the restrictions and lockdowns, schools and universities continue teaching online. And the firms that provide services that are useful in such a venture are all the rage.
Zovio offers education technology services to its clients. This Arizona-based company has approximately 1,500 employees in several states. It also partners with higher education institutions and employers to provide educational solutions to their students and employees.
The company suffered from coronavirus for a while. Mainly because it had fewer students than usual. As their management stated, total student enrollment was 35,335 students on March 31, 2020. On the other hand, total student enrollment was 39,095 on March 31, 2019.
Zovio also released its first-quarter results for the three months ending on March 31 in late April. The stock’s revenue came at $97.9 million, lower in comparison to its $109.8 million in Q1 2019. Additionally, the firm’s non-GAAP diluted income quarterly loss was 10 per share. Overall, the stock lost 12 cents per share a year ago.
Recent losses notwithstanding, the company got listed in the Nasdaq in April 2019. The stock was shy of $7 before that. While it hit an all-time low of $1.08 by late March 2020, Zovio is now hovering at $2.9. This is a return of over 160% in three months.
Furthermore, the company currently owns Ashford University. The group will likely separate into two organizations, with Ashford becoming a self-governed, nonprofit higher-education institution. It will also have its own Board of Trustees.
Zovio also offers its own learning platform – Constellation, along with its assessment software Waypoint Outcomes, and its mobile application technology.
The company builds out solutions to grow education services markets stateside. Considering that, in the coming months and years we likely will see an increased move toward online education at all levels, Zovio may gain significantly.
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