Shares of Strategic Education (NASDAQ: STRA) are soaring 6.97% in pre-market trading on Thursday following the company's impressive third-quarter earnings report. The education services provider significantly outperformed analyst expectations, demonstrating robust financial performance and operational improvements.

Strategic Education reported quarterly earnings of $1.64 per share, handily beating the analyst consensus estimate of $1.30 by 25.67%. This represents a substantial 41.38% increase from the same period last year when the company reported earnings of $1.16 per share. Revenue for the quarter came in at $319.949 million, surpassing the analyst consensus estimate of $315.400 million by 1.44% and showing a 4.57% year-over-year growth.

The strong performance was driven by several factors, including a 46% year-over-year revenue increase in the Education Technology Services segment, growth in Sophia Learning subscriptions, and new Workforce Edge partnerships. The company's U.S. Higher Education segment also saw improvements, with employer-affiliated enrollment reaching 32.7%. Despite facing enrollment challenges in Australia and New Zealand due to regulatory changes, Strategic Education's overall financial health remains strong, with $182.6 million in cash and no debt under its revolving credit facility. The company's continued share repurchase program, with 428,837 shares bought back for $34.3 million during the quarter, further demonstrates confidence in its business model and future prospects.