Strategic Education Shares Surge 13%

Shares of Strategic Education Inc. (STRA) are surging over 13% Wednesday morning, after the company reported better-than-expected earnings for the second quarter.

The stock, which has been trading in the range of $69.25 - $169.60 for the past one year, is currently trading at $81.78, up $9.39 or 13.16%, with trading volume rising over 314K versus an average volume of 207K shares.

The company's Q2 net income was $20.0 million or $0.83 per share compared to $34.2 million or $1.55 per share last year. Adjusted net income was $37.5 million or $1.55 per share versus $45.4 million or $2.06 per share a year ago.

Revenue increased 16.9% to $299.2 million from $255.8 million last year. Adjusted revenue grew 16.5% to $298.1 million from $255.8 million for the same period in 2020.

On average, 5 analysts polled by Thomson Reuters expected earnings of $1.51 per share on revenue of $300.56 million for the quarter. Analysts' estimate typically exclude certain special items.

Further, the company declared a regular, quarterly cash dividend of $0.60 per share of common stock, payable on September 13, 2021 to shareholders of record as of September 3, 2021.

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