Posted on August 03, 2022
The online education provider 2U is planning major payroll and marketing budget cuts to counter falling enrollment in online learning, company leaders said Thursday on a quarterly earnings call.
During the call, 2U executives announced the company would be undergoing “radical changes” in order to boost profit — including reducing personnel costs by 20% before the end of the year and completely changing 2U’s marketing approach.
2U intends to fully reorganize its business around the edX platform, which it purchased last November in an $800 million cash deal. Chip Paucek, 2U’s chief executive and co-founder, said the company is trying to accelerate the integration of the two companies to achieve greater efficiency and cost-saving
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