UPDATE: Apollo Group Posts Strong FQ2 Earnings

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Apollo Group (NASDAQ: APOL) reported a drop in its fiscal second-quarter net income.Apollo's quarterly profit declined to $13.5 million, or $0.12 per share, versus $63.9 million, or $0.51 per share, in the year-ago period. Its earnings, excluding one-time items, came in at $0.34 per share. Its net revenue dipped to $834.4 million from $962.7 million. However, analysts were expecting earnings of $0.19 per share. Apollo projects FY13 operating income of $500 million to $550 million and net revenue of $3.65 billion to $3.75 billion.Apollo shares gained 9.80% to $18.71 in pre-market trading.

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