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US: Profit and revenue dip at Strategic Education

Capella University
Image from Capella University’s website

Working adult education company Strategic Education Inc (SEI), which owns for-profit online Strayer University and Capella University, has reported net income of $15.2 million for the second quarter of 2022, down from net income of $20 million reported for the second quarter of 2021.

Revenue for the quarter dipped to $273.6 million, down from $299.2 million reported for Q2 2021.

The Herndon, Virginia-based company also reported results for the first six months of 2022. Its net income for the period was $22.2 million, down from $29.6 million reported for the first six months of 2021. Revenue for the period was $532.4 million, down from $589.5 million reported for the first half of 2021.

SEI chief executive Karl McDonnell said: “During our second quarter of 2022, demand continued to strengthen in the US within both our US higher education and education technology services segment. We remain confident in a return to growth within the Australia/New Zealand segment once international student immigration challenges ease in the region.”

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