Apollo Group Pops on Q3 Earnings Results

Shares of Apollo Group, Inc. APOL are popping in the after-hours following the release of its Q3 earnings results. Currently, shares are higher by 5.11%, trading at $45.91; they ended the regular session higher by 1.53%, at $43.68. Apollo Group, Inc. reported Q3 EPS of $1.45 on revenues of $1.24 billion. Revenues decreased 7.6% year over year due to lower enrollments at University of Phoenix, partially offset by selective tuition price and other fee changes. For the quarter, University of Phoenix Degreed Enrollment decreased 16.4% year over year, to 398,400, primarily due to decreases in New Degreed Enrollment in recent quarters, including a 40.5% decrease in New Degreed Enrollment in the third quarter of fiscal 2011 compared with the prior year period. "During the third quarter, we continued to execute on our key initiatives to improve outcomes, enhance student protections, and elevate the educational experience throughout every touch point of the student lifecycle," said Apollo Group Co-Chief Executive Officer and Apollo Global Chairman Greg Cappelli. "We are encouraged by the progress we are making in improving retention rates and continuing to shift the mix of our students toward higher degree level programs.” Apollo Group, Inc. is a private education provider. The company offers educational programs and services both online and on-campus at the undergraduate, master's and doctoral levels through its wholly owned subsidiaries.