Bridgepoint Education (NYSE:BPI) dropped more than 3% on the opening bell Tuesday yet closed out almost 1% up at $10.25. How? Well, Wall Street seemed bearish after the company missed revenue expectations but decided that beating earnings were still earnings.
In Q4, Bridgepoint brought in $0.29, a cent better than analyst estimates for the same period in 2011. Net income saw a comparable decrease from $22.9 million to $16.0 million, a decrease of 30.1%. Revenue decreased 5.4% to $209.4 million; analysts estimated $217.6 million for the year. Total student enrollment followed net income with a 31.4% decrease to 9,260 new students.
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