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What's happening?
Shares of K12 (NYSE:LRN) shot more than 25% higher in early trading on Thursday after the for-profit online primary and secondary school operator reported fiscal second-quarter results  above Wall Street's expectations.

Why it's happening
K12's revenue was $231.3 million for the quarter, which produced earnings of $0.33 per share. Both results topped Wall Street analyst projections -- the consensus  had called for $229.6 million in revenue and $0.29 in EPS. The company's total net enrollment  grew by 1,183 students from the year-ago period, with growth in non-managed programs (up by 5,919) more than offsetting a decline in managed program enrollment (down by 4,736).

K12 now expects to generate revenue in the range of $230 million to $240 million for its fiscal third quarter, with operating income ranging from $20 million to $24 million. K12's operating income was $20.5 million for the second quarter, so the company could feasibly report earnings in the range of $0.32 to $0.35 for the third quarter, if its bottom line moves at a similar rate to its top line. These estimates look a little low compared to the current consensus, which calls for $239.3 million in revenue and $0.37 in EPS. However, investors seem content to cheer today's beat after enduring a long slide that's seen their shares lose 38% of their value in the past year, even after accounting for today's pop.