Stride (LRN) shares plunged 32.59% in after-hours trading on Tuesday, despite reporting better-than-expected first-quarter results. The education technology company's stock fell sharply to $99.47, erasing significant gains from recent months.

Stride's Q1 adjusted earnings per share came in at $1.52, surpassing the IBES estimate of $1.13. Revenue for the quarter reached $620.9 million, also beating the expected $613.8 million. The company reported an adjusted operating income of $81.1 million, well above the estimated $66.6 million, and an adjusted EBITDA of $108.4 million.

However, the dramatic stock decline suggests investors may be disappointed with Stride's forward guidance. The company provided an outlook for the full fiscal year with revenue expected to be between $2,480 million and $2,555 million. For the second quarter, Stride projects revenue in the range of $620 million to $640 million. The market's negative reaction implies that these projections may have fallen short of investor expectations, despite the strong Q1 performance.