Apollo Education stock declines after enrollments nosedive
Apollo Education Group stock suffered a major blow as the for-profit University of Phoenix reported massive decline in student enrollments. The stock declined 28 percent to close at $20.04, marking the biggest loss in a single day since the listing on the stock markets. The University of Phoenix reported 13 percent decline in the number of student enrollments.
Apollo Education Group announced a cut in its revenue forecast as the number of students enrolled for the quarter ended February 28 declined to 28,300. Apollo also reduced marketing spends, CEO Gregory Cappelli said during a conference call. The revenue for the quarter declined by 14 percent.
“We adjusted our marketing type and spend, as well as our contact strategies this quarter. We’re on track to fix the technology platform issues, which we believe adversely impacted retention,” said Cappelli.
Apollo Chief of Staff, Mark Brenner marked it as a challenging quarter and suggested that certain changes would be required to deal with the downward trend in student enrollments. Brenner said, “I think what we've learned over the last couple of quarters we need to continued to invest in creating a better student experience, we need to have the best online classroom for students.”
A CNN report has estimated the enrollments at 213,000 compared to 460,000 five years ago, at the University of Phoenix. Apollo Education Group revised revenue estimate to $2.63 billion to $2.68 billion for the year ending August 2015.
- Audi Q5 e-tron to reportedly be launched in China next month
- Chip and ship shortages are main threats to Tesla’s sales growth: Elon Musk
- Rivian DC fast chargers to be eventually opened to all electric vehicles
- Tesla Gigafactory Berlin is able to produce 1 car body every 45 seconds: Elon Musk
- Chevrolet Silverado EV will have massive glass roof
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
Automobile giant Ford Motors has yet to announce...Read More
The National Bank of Ukraine conducted an audit of...Read More
United Parcel Service (UPS) has confirmed that it...Read More
Michigan Senate Bill 991 (SB 991), which has been...Read More
The Rivers Casino in the Pittsburgh area is once...Read More
Vincent “Uncle Mick” DelGiudice, an 85-year-old man...Read More