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Shares in Apollo Education Group plunge more than 6% in after-hours

Published 06/29/2015, 06:41 PM
Updated 06/29/2015, 06:45 PM
© Reuters.  Declining enrollment at the University of Phoenix tamped down 3Q earnings for Apollo Education

© Reuters. Declining enrollment at the University of Phoenix tamped down 3Q earnings for Apollo Education

Investing.com -- Shares in Apollo Education Group, more commonly known as the operator of the for-profit education company the University of Phoenix, plunged on Monday in after-hours trading after the Arizona-based company posted declining revenues over its last quarter.

During Apollo Education Group's third quarter, which ended in late-May, the company posted $681.5 million in revenues for the period, down significantly from revenues of $793.6 million over the same quarter in 2014.

Significant reductions in enrollment at the University of Phoenix throughout the quarter dented company earnings. In the third quarter, New Degreed Enrollment fell from 33,900 to 29,400 on a year-over-year basis, while Degreed Enrollment dipped from 241,900 to 206,900.

Apollo Education Group's CEO Greg Cappelli appeared undeterred by the disappointing quarterly earnings.

“At Apollo Education Group, we are building a diversified global network committed to academic excellence and strong student support, as we work to change lives through higher education,” Cappelli said in a statement. “In a time of transformation, University of Phoenix, our largest subsidiary, is working to become a more focused, higher retaining and less complex institution. Our commitment across all of our institutions is to deliver world-class experiences and outcomes, connecting students’ education with their career aspirations, and helping employers recruit, retain, and develop a highly engaged and productive workforce.”

In terms of forward guidance, Apollo Education Group forecasts 2015 revenue of $2.6 to $2.62 revenue, slightly below analysts' expectations of $2.63 billion.

Shares in Apollo Education Group fell 1.04 or 6.69% to 15.54 in after-hours trading.

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