RTTNews | Jul 31, 2020 10:13AM EDT

10:13 Friday, July 31, 2020 (RTTNews.com) - Shares of education technology company 2U, Inc. (TWOU) are climbing more than 6% Friday morning following better-than-expected second-quarter results. The stock hit a new 52-week high of $47.79 this morning.

The company reported second-quarter adjusted net loss of $0.34 per share, beating the average estimate of analysts polled by Thomson Reuters for $0.39 loss per share.

Revenue for the quarter increased 35% year-over-year to $182.7 million.

The company said it expects to achieve EBITDA profitability next quarter and for the full year.

"As universities accelerate their digital transformations and more students affirmatively choose to pursue an education online, we believe our strong relationships with leading universities and the unmatched scale and quality of our portfolio of offerings position us well for future growth," Co-Founder and CEO Christopher "Chip" Paucek said.

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