Stride (K12 (NYSE:LRN)) shares were up 8% in premarket deals after the education technology (EdTech) company reported fourth-quarter and full-year fiscal 2023 results that topped Street estimates.
For the fourth quarter, which ended June 30, 2023, the company posted earnings per share (EPS) of $1.01, compared to $0.66 in the year-ago quarter and ahead of the consensus expectation per Zacks Consensus Estimate of $0.86.
Revenue rose year-over-year from $455.2 million to $485.5 million, above expectations of $465 million.
For fiscal 2023, the company reported EPS of $2.97 on revenue of $1.84 billion, up from $2.52 and $1.69 billion, respectively, for the previous financial year.
This also exceeded expectations per Zacks of EPS of $2.82 on revenue of $1.82 billion.
The company said it would provide its outlook for fiscal 2024 when it hands down its 1Q results, anticipated in October 2023.
Stride shares were up 8.2% at US$41.44 shortly ahead of Wednesday's opening bell in New York.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie