LOPE - Why Grand Canyon Education Stock Got Crushed Today
Shares of Grand Canyon Education (NASDAQ: LOPE) have gotten crushed today, down by 14% as of 11 a.m. EDT, after the company reported first-quarter earnings. The results modestly topped expectations, but guidance was a little light.
Service revenue in the first quarter was $236.9 million, which was almost exactly what analysts were looking for. That resulted in adjusted earnings per share of $1.72, slightly ahead of the consensus estimate of $1.67 per share in adjusted profits. The company, which provides technology services to educational institutions, said partner enrollments grew 7.2% to 115,390 at the end of the quarter.
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Why Grand Canyon Education Stock Got Crushed Today