Shares Of Apollo Education Surge Following Q1 Print, Exploration Of Strategic Alternatives

Shares of

were trading higher by more than 5 percent late Monday morning after the company reported a better than expected first quarter results and a key announcement from the company's Board of Directors. Apollo Education Group

that it earned $0.29 per share on revenue of $586.02 million. However, Wall Street analysts were expecting the company to earn $0.31 per share on revenue of $610.42 million. Concurrent with the quarterly print, Apollo Education Group's Board of Directors

that it will begin exploring strategic alternatives which "could potentially lead to a change of control of the Company." Apollo Education Group's Board added that exploring strategic alternatives at this time will "support and accelerate Apollo's strategic initiatives, which include the continued growth and investment in Apollo Global and the continuation of the University of Phoenix's transformation plan to further enhance student outcomes and provide outstanding, career relevant higher education for working adults."