The for-profit University of Phoenix has reported low enrollment and second quarter losses this week. The company’s shares fell 16% to $23.39, on news that total enrollments were down 15% and revenues were down 14%. The Chief of Staff of Apollo Education Group, the parent company of University of Phoenix, acknowledged the declining enrollment and stated that certain changes should be made to improve the downward trend. He explained that the company needs to continue to invest in creating a better student experience as well as creating the best online classrooms for students. The decline in enrollments at The University of Phoenix is a continuing trend, as enrollment numbers have been cut in half from five years ago, down from 460,000 to 213,000, according to CNN Money. The declining enrollment is possibly another sign of distress in the for-profit education sector. Corinthian Colleges, another major for-profit system, closed its doors last year.
Contributor: Johanna Hartman