Online program manager 2U lowered its growth expectations — again. It will launch fewer new programs and expects smaller program sizes going forward in response to growing competition for online education, it told analysts in a call Tuesday evening about its second-quarter earnings. The shift caused the value of the company's stock to drop by 65% as of the market close Wednesday afternoon. 2U also revised down its growth projections last quarter, attributing the decision to increased selectivity among its university partners. The change of tack comes as the online education market crowds, with more players providing a range of program types and price points. That trend is reflected in 2U's moves to broaden its offerings through acquisition.