Apollo Group Shares Surge In Pre-Market On Upbeat Q3 Results

Shares of Apollo Group Inc APOL surged about 4.9% in pre-market trading after the company reported upbeat third-quarter results and projected FY11 revenue above estimates. Apollo expected FY11 consolidated revenue of $4.65 to $4.75 billion, versus analysts' estimates of $4.67 billion. Apollo's new enrollment dropped 40.5%, while total enrollment declined 16.4%. Apollo reported its quarterly adjusted earnings at $1.45 per share, up from analysts' estimates of $1.33 per share. Its revenue dropped to $1.24 billion, from $1.34 billion, in the year-earlier period. APOL shares jumped 4.95% to $45.84 in pre-market trading. Read more from Benzinga's Company news.