Stride ( NYSE: LRN ) rallied in after-hours trading after sailing past estimates with its FQ1 earnings report.
Revenue was up 12% to $458.4M and net income came in at $50.7M vs. $42.0M a year ago. Gains for the middle-high scool and adult business helped offset a drop for the general education business. Adjusted EBITDA was up 21% to $100.5M/
Average enrollment fell 10% year-over-year to 177.5K. Career learnigns enrollment was up 24.4% and general education enrollment fell 34.4%.
On the balance sheet, Stride ( LRN ) held $318.3M at the end of the quarter. Capital expenditures for three months were $16.9M and were comprised of $1.9M of property and equipment, $11.6M of capitalized software development, and $3.4M of capitalized curriculum development.
Looking ahead, Stride ( LRN ) guided for FQ3 revenue in the range of $445.0M to $465.0M vs. consensus of $443.2M.
Shares of Stride ( LRN ) soared 13.50% following the earnings report. That was a better reaction than last time Stride reported earnings when shares saw an immediate sell-off of more than 25%.
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Stride jumps 13% after strong earnings report, guidance