Shares of Stride Inc. (LRN) soared by over 23% in pre-market trading on Tuesday, October 23, 2024, after the online education company reported stellar financial results for the first quarter of fiscal year 2025, beating analysts' expectations by a wide margin.
For the quarter ended September 30, 2024, Stride reported adjusted earnings of $0.94 per share, significantly higher than the consensus estimate of $0.22 per share. The company's revenue rose 14.8% year-over-year to $551.08 million, outpacing analysts' expectations of $504.28 million. This strong performance was fueled by robust demand across all of Stride's education offerings, with total enrollments increasing 18.5% to a record high of 222,600.
Buoyed by the impressive start to fiscal 2025, Stride raised its full-year revenue guidance to a range of $2.225-$2.3 billion, up from its previous outlook of $2.2 billion and higher than Wall Street's consensus estimate of $2.17 billion. The company also increased its full-year adjusted operating income guidance to $395-$425 million, significantly surpassing analysts' projections.
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