(Photo by David Rookhuyzen - Cronkite News)

University of Phoenix

After reporting more drops in revenue and student enrollment, the Apollo Education Group, Inc. announced its board of directors is exploring "strategic alternatives."

In a statement, Apollo said its board is in discussions that could lead to a change of control of the company. Apollo said it believes these actions will help grow its global programs, further enhance student outcomes and provide career-relevant education for working adults.

The news followed Apollo’s first quarter fiscal results, which show a revenue drop of nearly $130 million compared to the same period in 2015. New enrollment at the University of Phoenix is also down 15,000 compared to this time last year.

Apollo has faced increased competition for online students from traditional colleges and other for-profit schools, along with federal scrutiny over how students are recruited, especially military personnel.