Shares of ed-tech company 2U plummeted 57% and fell below $1 after a disappointing forecast and reports of universities terminating their contracts. The company reported a net loss of $47.4 million for Q3, with an adjusted loss of 15 cents per share. 2U lowered its revenue guidance for the full year, citing weaker demand in coding boot camps and enrollment softness in higher-priced degree programs. The company also laid off 12% of its staff and has a substantial debt load. Analysts expressed concerns about 2U's reliance on one-time payments and its deteriorating core degree business.
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