Apollo Education Group is expected to announce its second quarter earnings before the market opens Wednesday. Apollo, the parent company of the University of Phoenix, has been regrouping after years of declining enrollment.

For-profit colleges are attracting fewer students, as the economy has improved. Companies have also scaled back to head off new regulations aimed at shutting down failing programs. As interest in online education grows, Apollo is also facing more competition, says Wells Fargo analyst Trace Urdan.

“They’re losing share primarily to traditional colleges that have moved online over the past couple of years,” he says.

Universities like Arizona State and Southern New Hampshire have bet heavily on online education.