Shares of Strategic Education (NASDAQ: STRA) soared 16.6% on Thursday after the for-profit higher education leader announced stronger-than-expected fourth-quarter 2023 results.

Strategic Education's fourth-quarter revenue grew 12.1% year over year (12.5% at constant currency) to $302.1 million, translating to adjusted (non-GAAP) net income of $40.4 million, or $1.70 per share. Analysts, on average, were modeling earnings of only $1.34 per share on revenue of $297.5 million.

Delving deeper into Strategic Education's quarter, student enrollment within its U.S. Higher Education segment -- comprised of Capella University and Strayer University -- grew 10.5% year over year to 86,233. FlexPath enrollment was 21% of that total, up from 19% from last year's fourth quarter, and segment revenue grew 8.9% to $217.6 million.

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Source Fool.com