Working adult education company Strategic Education Inc (SEI), which owns for-profit online Strayer University and Capella University, has reported net income of $11 million for the third quarter of 2020, down from net income of $16.7 million reported for Q3 2019.
Revenue for the quarter decreased to $239 million, compared to $241.7 million reported for Q3 2019.
The company also announced results for the first nine months of 2020, reporting net income of $80.35 million, up from $52.6 million reported for the first nine months of 2019. Revenue for period was $760.2 million, up from $733.4 million reported for the first nine months of 2019.
SEI chief executive Karl McDonnell said: “We are excited to announce that Strategic Education’s acquisition of Laureate’s Australia/New Zealand institutions closed on November 3, 2020. The addition of these highly-regarded academic institutions to our portfolio enhances our position as a global leader in post-secondary education and provides an additional growth platform as we pursue our mission of enabling economic mobility with education.
“As our organisation continues to adapt to the challenges presented by the Covid-19 pandemic, we are encouraged by consistent performance at Capella University and in Australia/New Zealand, and are restructuring our organisation to focus on areas of existing strength in our core business and new opportunities including employer initiatives, Sophia Learning, and digital enablement partnerships.”
Date published: 9 November 2020