Stride, Inc. (NYSE: LRN) is a Virginia-based education technology company, which is focused on providing quality and innovative tech-based education for students in K-12, adult learners, as well as for military and enterprise application. Shares of the edtech company are rallying 30% through early trading on Wednesday, January 26, 2022. Over the past three months, Stride has seen average daily volume of 420,550 shares. However, volume of 3.47 million shares or dollar volume of around $121.59 million, has already exchanged hands through early trading Wednesday.
Shares of Stride are gaining after the company reported fiscal second quarter financial results for the period ending December 31, 2021. During the quarter, the edtech provider reported revenue of $409.5 million, net income of $42 million, and diluted earnings per share of $1.00. This represents strong growth compared to results from fiscal Q2 last year: revenue of $376.1 million, net income of $24.5 million, diluted earnings per share of $0.60.
Stride noted that its strong financial results were led by heightened demand for its career learnings services. For the six-month period ended December 31, 2021, Stride had 37.8% more enrolled students for its career learnings services, compared to the same period in 2020. Meanwhile revenue per enrollment has grown 6.9% year-over-year during the same period.
As a result of the strong fiscal quarter, Stride has raised its full fiscal year 2022 guidance. The company says it now estimates total revenue between $1.62 billion and $1.64 billion. Capital expenditures are estimated to come in between $65 million and $75 million.
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