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Nerdy, Inc. (NYSE:NRDY) reported worse-than-expected second-quarter revenue on Thursday.
Nerdy reported a quarterly loss of 8 cents per share which beat the analyst consensus estimate for a loss of 12 cents per share. Nerdy reported quarterly sales of $50.984 million which missed the analyst consensus estimate of $51.180 million.
“During the second quarter, we continued to scale the winning product for every Learner, expand the number of Learners we can impact and lay the foundation to deliver profitable growth. As we enter the back-to-school selling season, we are focused on ensuring our marketplace delivers an exceptional learning experience for our customers. We believe the recent convergence of our Consumer and Institutional platform, coupled with a focus on our core value proposition in the Consumer business and the expansion of the Varsity Tutors for Schools go-to-market teams, will enable our return to durable and profitable growth as we exit the year,” said Chuck Cohn, Founder, Chairman and Chief Executive Officer of Nerdy Inc.
The company lowered its FY24 revenue outlook from $232 million – $246 million to $196 million – $204 million.
Nerdy shares dipped 47% to trade at $0.8416 on Friday.
These analysts made changes to their price targets on Nerdy following earnings announcement.
Considering buying NRDY stock? Here’s what analysts think:
Posted In: NRDY