I don't see how corporate profits are related at all. Metaphorically, just because I get a raise, doesn't mean I'm going to start spending $100 on a loaf of bread.

In the past the cost to send someone to college was "x", and the benefit to the company for doing so was "y". The rising costs of tuition has now caused "x" to surpass "y", making that avenue uneconomical. Corporations aren't public entities and shouldn't be expected to continue programs that result in a net loss.