Stride Shares Rise 26% After 1Q Earnings, Revenue Topped Estimates
Shares of Stride on Tuesday climbed after the company reported higher-than-expected earnings and revenue in its fiscal first quarter, citing record high enrollment levels.
The stock was up 26.6% to $81.65 in post-market trading. Through Tuesday's close, shares were up 45% over the past 12 months.
The technology-based education company posted a net profit of $40.9 million, or 94 cents, compared with $4.9 million, or 11 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast per-share earnings of 22 cents.
Revenue rose to $551.1 million from $480.2 million a year ago, coming ahead of analysts expectations of $504.3 million, according to FactSet.
Stride said first quarter enrollments rose 19% to 222,600. Of the total enrollments, 91,700 were career learning enrollments, up 30% from the prior year.
Stride said it sees second quarter revenue of $560 million to $580 million. For the year, it expects revenue of $2.23 billion to $2.30 billion. Wall Street forecasts a second-quarter and full-year topline performance of $535.3 million and $2.17 billion, respectively.
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