What are the financial highlights of Strategic Education, Inc. for the first quarter of 2024?

Strategic Education Soars in Q1, Enrollment and Earnings Surge

Strategic Education, Inc., a leading provider of higher education and career training, reported stellar financial results for the first quarter of 2024. The company’s revenue surged, net income soared, and enrollment growth remained strong across all segments.

Record Revenue and Net Income

Strategic Education’s revenue climbed 13.1% to $290.3 million, driven by higher enrollment in its U.S. Higher Education, Education Technology Services, and Australia/New Zealand segments. Net income surged to $29.7 million, a remarkable turnaround from a loss of $2.0 million in the same period last year.

Enrollment Boom

Enrollment in the U.S. Higher Education segment, which includes Strayer University and Capella University, experienced a significant 9.8% increase to 87,731 students. The Education Technology Services segment, which offers Sophia Learning and other online courses, also saw strong growth, with average total subscribers at Sophia Learning increasing by 42%.

Tech Services Surge

The Education Technology Services segment contributed significantly to the company’s revenue growth, with a 29.8% increase to $23.6 million. This segment has benefited from the increasing demand for flexible and affordable learning options.

Australia/NZ Gaining Traction

Strategic Education’s expansion into Australia and New Zealand is paying off, with revenue in this segment increasing by 14.1% to $47.4 million. The company’s acquisition of Torrens University and associated assets has helped drive this growth.

Investor Confidence

Investors responded positively to Strategic Education’s strong Q1 performance, with the company’s shares rising in after-hours trading. The company’s solid financial results and positive outlook for growth are likely to further boost investor confidence.

Continued Success

Strategic Education’s strong Q1 results demonstrate the company’s ability to continue to thrive in the competitive higher education market. Its focus on meeting the needs of working adults through flexible and affordable learning options has positioned it well for continued success. The company’s shares are likely to continue to perform well as it executes on its growth strategies.

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