Apollo Education Slumps After Profit, Revenue Forecasts Cut
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Apollo Education Group Inc., owner of the University of Phoenix, fell the most in three months after it lowered profit and revenue forecasts and said enrollment will fall by 50,000 next year.
Operating income excluding certain items will be $190 million to $200 million for the year ending in August, while revenue will be $2.6 billion to $2.62 billion, Apollo said in a statement late Monday. In March, it had forecast operating income of at least $200 million and revenue of at least $2.63 billion.