Apollo Down 5% Following Second Quarter Earnings
Shares of Apollo Education Group (NASDAQ: APOL) are trading sharply lower by five percent to $33.40 after reporting second quarter earnings.
The company reported earnings per share of $0.28, which may not compare to analyst estimates of $0.19. Revenue came in at $679.1M, which may not compare to the estimated $689.04M. Sales were down 19 percent year over year.
Chief Executive Officer Greg Cappelli said, “as the global community becomes more competitive, so does the need for a more competitive workforce.”
University of Phoenix degree enrollment was 250,300, a 16.8 percent decrease from the second quarter of last year. New degree enrollment did not fare much better, falling 16.5 percent from the second quarter of last year.
Investors should note the sector normally trades together, but competitors to Apollo are not trading lower in sympathy in after-hours trading.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.