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Here's Why K12 Stock Went Down on Wednesday

TheMotleyFool

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Here's Why K12 Stock Went Down on Wednesday

Shares of distance-learning company K12 (NYSE: LRN) fell on Wednesday, after full-year results for the company's fiscal 2020 didn't live up to investors' elevated expectations. Excluding its acquisition of Galvanize, revenue was only up 1% year over year, while net income was up 3%. Including the acquisition, revenue was still only up 2.5%, and the company recorded a 34% drop in net income.

Results like this don't correlate with K12's stock performance in 2020. The stock had more than doubled year to date, as investors expected results and guidance to reflect strong growth trends due to the COVID-19 pandemic.