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Article: Bridgepoint 3Q profit, guidance top expectations
- Article from:
- AP Online
- Article date:
- November 4, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Online education provider Bridgepoint Education Inc. said Wednesday that net income in the third quarter more than doubled as the school enrolled more students in its Web classes.
The San Diego company also issued full-year guidance above Wall Street expectations, sending shares up in morning trading.
Bridgepoint said it earned $22.4 million, or 37 cents per share, compared with $8.3 million, or 7 cents per share, in the same period last year.
Sales more than doubled to $127.4 million from $60.3 million as enrollments grew almost 80 percent to 54,894 students.
Enrollments at for-profit education companies are tightly linked to unemployment. As joblessness rises, ...