US: Grand Canyon Education’s quarterly income dips
Education services company Grand Canyon Education (GCE) has reported net income of $25.6 million for the second quarter of 2022, down from $49.5 million reported for Q2 2021.
Service revenue for the quarter was $199.8 million, down from $201.5 million reported for the second quarter of last year.
The Phoenix, Arizona-based company also reported results for the first six months of 2022. Its net income for the period was $83.6 million, down from $127.6 million reported for the first six months of 2021. Service revenue for the six-month period was $443.9 million, up from $438.4 million reported for the first six months of last year,
In its earnings release the company stated: The decrease year-over-year in service revenue was primarily due to a decrease in online enrolments at GCU [Grand Canyon University] of 7.5% and to a lesser extent, students in a university partner’s occupational therapy assistants programme of 34%, partially offset by increases in GCU traditional campus enrolments, university partners enrolments in the accelerated bachelor of science in nursing programmes and revenue per student year-over-year.”