UPDATE 2-Apollo Group Q2 results top Street, shares down

* Q2 EPS 77 cents beats expectations by 12 cents

* Q2 rev $876.1 million vs $865.3 million est

* Promotes CFO Joseph D'Amico to COO

* Shares down 6 pct

(Adds analyst comment, management change)

March 31 (Reuters) - Apollo Group Inc (APOL.O), the parent company of the University of Phoenix, posted better-than-expected quarterly results, helped by increased enrollment revenue.

However, the company's shares fell 6 percent to $73.61 after the bell.

"We believe shares may be selling off after market due to confusion about the litigation charge mentioned in press release," analyst Kelly Flynn at Credit Suisse wrote in a note.

"This charge was taken last year, so is not relevant to an analysis of Q2 '09 results in our view," Flynn added.

Separately, Apollo appointed Chief Financial Officer Joseph D'Amico to the newly created position of chief operating officer. He is being replaced by Brian Swartz.

Credit Suisse's Flynn says the management role changes were "not surprising or concerning."

For the second quarter ended Feb. 28, the company reported a profit of $125.3 million, or 77 cents per share, compared with a loss of $32 million, or 19 cents a share, a year earlier.

"University of Phoenix again contributed significantly to our results, driven by 20 percent Degreed Enrollment growth, bringing the total during the quarter to nearly 400,000 students," Chief Executive Chas Edelstein said in a statement.

Revenue rose 26 percent to $876.1 million.

Shares of the Phoenix-based company had closed at $78.33 Tuesday on Nasdaq.

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For the release, double click [ID:nBw316557a] (Reporting by Eric Yep in Bangalore; Editing by Deepak Kannan, Pradeep Kurup)