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  • sage2123 sage2123 Jul 24, 2012 9:05 AM Flag

    For Profit Education Sector In Freefall

    As DeVry misses and announces layoffs.

    SAN FRANCISCO (MarketWatch) -- DeVry Inc. /quotes/zigman/224420/quotes/nls/dv DV -1.15% , citing a shortfall in revenue, rising operating costs and one-time charges, said late Monday it expects to earn between 43 cents and 46 cents a share in its fiscal fourth quarter, well below the 79 cents a share analysts polled by FactSet had been looking for. The for-profit education provider also warned that revenue for the quarter ended June 30 will likely be between $500 million and $512 million. Analysts had, on average, expected DeVry to report revenue of $519 million. In response to what it called "continued softness in enrollment," the company also said it plans to eliminate about 570 jobs. DeVry shares fell as much as 23% to $21.20 in after-hours trade.

 
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