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Today, you might be reasonably surprised at Zovio's (ZVO) market performance. After all, the stock is up around 40%, yet yesterday, Zovio's Q3 2019 earnings report wasn't all that fantastic.
Consider the following, While Zovio beat adjusted earnings estimates handily, by losing just $0.05 per share (versus the -$0.15 per share consensus), it still came up short on revenues. So, the beat was mostly down to heavy cost cutting on a still shrinking business.
This notion that the business is still contracting was evident on Zovio's enrollment numbers:
Total student enrollment at the Company's academic