Education services company Grand Canyon Education has reported net income of $52 million for the third quarter of 2020, down from $58.15 million reported for Q3 2019.

Service revenue for the quarter was $198.4 million, up from $193.3 million reported for the third quarter of 2019.

The Phoenix, Arizona-based company also reported results for the first nine months of 2020. Net income for the period was $170.4 million, down from $182.5 million reported for the first nine months of 2019.

Service revenue for period was $605.8 million, up from $565.4 million reported for the first nine months of 2019.

At the company’s virtual earning’s call Grand Canyon’s chairman and chief executive Brian Mueller concentrated on six challenges that his company is determined to overcome, saying: “Recent college graduates who are new to the job market are having a difficult time. Many have degrees that aren’t serving them well in the current economy.

“It has been GCE’s goal to create educational models that address the real issues within higher education – the six I have talked about before: one, the out of control rising cost of university education; two, the increasing student debt levels that will seriously hinder graduates as they begin their adult lives; three, as tuition levels go up, diversity on college campuses go down; four, bachelor’s degree should not take four to six years to complete; five, programmes and delivery models lack the creativity necessary to address critical shortages in some industries; six, there are inadequate counselling and support services, especially for first generation students or those studying at a distance.”

Pictured: Grand Canyon Education Student Service Center in Phoenix, Arizona.

Date published: 11 November 2020

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