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Apollo Group posted a 60 percent drop in quarterly profit, and the for-profit education provider said regulatory authorities had launched an informal probe over its revenue recognition practices.
Its shares fell more than 20 percent in after-hours trade Tuesday. Get after-hour quotes for Apollo.
Apollo, which is the parent of the University of Phoenix, posted a profit of $91.5 million or 59 cents per share, compared with a profit of $229.6 million or $1.43 per share a year earlier.
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Excluding certain items, its profit of $1.06 per share was above the average analyst expectation for $1.04 per share, according to Thomson Reuters.
Revenue rose to about $1.08 billion from $831.4 million a year ago, the company said.
Its shares [APOL
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], which closed at $72.97 on the Nasdaq, fell more than 20 percent after markets closed.
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