Apollo Group Inc. (APOL), owner of the for- profit University of Phoenix, fell 13 percent in pre-market trading after cutting its forecast for earnings and student enrollment.
Enrollment for the second quarter will be little changed or show low single-digit percentage growth, compared with an earlier forecast of about 13 percent growth, according to a statement today from the Phoenix-based company.
Profit for the year ending August will be between $625 million and $725 million, excluding special items, down from an earlier forecast of $655 million to $750 million.
The shares fell $6.51 to $44.89 at 9 a.m. New York time.
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