Shares of 2U (NASDAQ: TWOU) have dropped today, down by 7% as of noon EDT, after the company reported preliminary first-quarter results. 2U also announced a proposed offering of convertible notes.
Revenue in the first quarter should be $175.5 million, within the company's guidance of $170 million to $180 million. That should translate into a net loss of $60.1 million, compared to the education tech company's outlook of $60 million to $70 million in red ink. Adjusted EBITDA will be around negative $4.3 million, which was much better than expected.
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Source Fool.com