Online education company Apollo Group, Inc. (APOL) late Monday said that its fiscal third quarter profit gained more than 44% from the previous year, as the company recorded more than $1 billion in quarterly revenue for the first time in its history.
The Phoenix-based company reported fiscal third quarter net income of $201.1 million, or $1.26 a share, compared with a profit of $139.1 million, or 85 cents a share, in the same period last year.
Revenue for the latest quarter rose 26% to $1.05 billion, versus $835.2 million in the year-ago period.
On average, Wall Street analysts expected a profit of $1.12 per share on revenue of $1.04 billion.
Apollo Group shares rose $5.76, or +8.7%, in morning trading Tuesday.
The Bottom Line
Shares of APOL are off 52-week highs of $89 a share. The stock has technical support in the $59-65 price area. If the shares can firm up, we see overhead resistance around the $72-76 price levels. We do not currently rate this non-dividend paying stock, but we do follow this online education play closely.
Apollo Group, Inc. (APOL) does not currently pay a dividend.
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Tom Reese/Paul Rubillo, Dividend.com
