(MONEY.CNN) — The University of Phoenix probably wishes the students were just cutting class. But many aren't even enrolled anymore.
Enrollment at America's largest for-profit university was about 460,000 students five years ago. Now it's 213,000.
The University of Phoenix's parent company, Apollo Education Group (APOL), announced more losses Wednesday. Its revenues and enrollment both sank roughly 14% in its latest quarter compared to a year ago.
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Apollo CEO Greg Cappelli tried to strike an optimistic tone, but investors gave the stock an "F" for falling. The stock tanked over 20% Wednesday.