LRN - Why Stride Stock Surged 16% Wednesday Morning
2023-10-25 10:59:21 ET
Shares of online educational software company Stride (NYSE: LRN) , formerly known as K12, surged 16% through 10:05 a.m. ET after delivering a surprise earnings beat Wednesday morning.
Heading into the company's fiscal Q1 2024, analysts had forecast Stride would lose $0.35 per share on sales of $451.2 million. Instead, Stride earned an $0.11-per-share profit , beating sales estimates as well with $480.2 million in quarterly revenue.
Quarterly sales climbed 13% year over year (YOY) to set a new quarterly record for Stride. But even better than that was the earnings news: Instead of the loss that Wall Street had predicted, Stride reported operating and net profits, flipping from a $0.54-per-share loss last year to an $0.11-per-share profit this time around.
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Why Stride Stock Surged 16% Wednesday Morning