Stride's stock plummeted 6.60% during intraday trading on Tuesday following the release of the company's third-quarter financial results.
The education company reported quarterly earnings of $1.93 per share, which missed the analyst consensus estimate of $2.13 by 9.39%. This represents a 4.46% decrease from earnings of $2.02 per share in the same period last year. Quarterly sales of $629.873 million slightly exceeded the estimate of $629.515 million.
The significant earnings miss and the year-over-year decline in earnings per share likely triggered investor concern, leading to the sharp sell-off in the stock.
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