Shares of Stride surged after the bell on Tuesday following the release of the company’s first-quarter financial results, which revealed a remarkable increase in revenue during this period.
Impressive Market Performance
At 5:42 p.m. ET, Stride’s stock rose by an impressive 11% to reach $49.50. Moreover, the shares had already experienced a positive trading session throughout the day, concluding with a 1.6% increase to $44.50. It is worth noting that the stock had reached a high point of $47.42 on October 25, 2022, marking a significant milestone within the past 52 weeks.
Exemplary Financial Results
During the first quarter of its fiscal year 2024, Stride reported earnings per share of 11 cents, accompanied by a remarkable revenue of $480.2 million. Comparatively, in the same period last year, the company reported a loss per share of 54 cents on revenue of $425.2 million.
As a technology-based education company, these financial achievements highlight Stride’s dedication towards providing quality educational solutions.
Looking ahead, Stride anticipates a second-quarter revenue between $490 million and $510 million. Furthermore, for the entire fiscal year 2024, the company projects revenues within the range of $1.96 billion to $2.03 billion.
The forecasts indicate that Stride is poised for continued growth and success in the evolving education sector.