After reporting a net loss of $5.9 million for the first quarter of its 2022 fiscal year, Stride, an education company that sells online schooling and curricula for pre-K through to high school students, has reported net income of $42 million for Q2 2022, ending 31 December 2021.
This compares to net income of $24.5 reported for its second quarter in its 2021 fiscal year.
Revenue for the second quarter was $409.5 million, up from $376.1 million reported for Q2 2021.
The Herndon, Virginia-based company also announced its results for the first six months of its 2022 fiscal year ending 31 December 2021. Its net income for the period was $36.1 million, down slightly on the $37.2 million reported for the first six months of its 2021 fiscal year. Revenue for the half-year period was $809.7 million, up from $747.1 million reported for the first half of the previous fiscal year.
Stride’s chief financial officer Tim Medina said: “We exceeded the revenue and profitability guidance we provided last quarter. We continue to see strong demand for our general education and career learning programmes. We believe this demonstrates that families value our virtual programmes and are choosing us even when other options are available. And we are increasing our revenue and profitability guidance because of this strong demand.”
Date published: 27 January 2022