Nelnet (NNI) reported Q2 adjusted earnings late Thursday of $1.77 per diluted share, down from $5.05 a year earlier.

One analyst polled by FactSet expected $2.13.

Revenue in the three months ended June 30, expressed as the sum of net interest income and total other income, fell to $410 million from $540.6 million a year earlier.

One analyst expected $419.9 million.