Shares of KinderCare Learning Companies tumbled after the company cut its full-year revenue and adjusted earnings per share outlook, and swung to a loss in the second quarter.

The stock was off by 37% to $3.02 in Friday morning trading, and is down 30% this year.

The childhood education company lowered its full-year revenue outlook to $2.66 billion and $2.70 billion from between $2.70 billion and $2.75 billion. It also cut its adjusted earnings per share outlook to between 5 cents and 15 cents from between 15 cents and 25 cents.

Analysts polled by FactSet are expecting revenue of $2.68 billion and adjusted earnings per share of 11 cents.

KinderCare posted a net loss of $8.77 million, or 7 cents a share, compared with a profit of $38.6 million, or 33 cents a share, a year earlier. The company cited an increase in the cost of services, higher rent, and impairment costs from lower operational performance and center closures for its widening loss.

Adjusted earnings per share was 8 cents. Analysts polled by FactSet expected 10 cents.

Revenue declined to $697.5 million from $700.1 million, driven by a decline in enrollment at childhood education centers, but partially offset by higher tuition rates. Analysts polled by FactSet expected $697.9 million.

The company closed 49 early childhood education centers as part of what it described as an optimization initiative.