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Scholastic Stock Plummets 12% on Weak Quarterly Earnings
Scholastic Stock Plummets 12% on Weak Quarterly Earnings
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Scholastic shares tumbled nearly 12% Friday as the educational publisher missed revenue and earnings expectations. Fiscal Q1 revenue of $225.6 million represented an 11.7% year-over-year decline, while the operating loss narrowed slightly to $81.9 million ($2.52/share). Both figures fell short of analyst estimates projecting $240 million revenue and $2.45/share loss.
The company cited 'funding uncertainties' in public school budgets as a key drag, particularly impacting its education solutions unit which saw revenue plunge 28%. Despite the weak start, Scholastic maintained its full-year guidance, suggesting management anticipates improved performance in coming quarters.
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