John Wiley & Sons slumps on weak Q2 results, FY outlook cut

John Wiley & Sons

07/12/2022 16:00

** Shares of edutech firm John Wiley & Sons Inc  WLY.N  fall
6.5% to $42.23 
    ** Q2 sales down 3% from a year earlier at $514.8 mln
    ** Company posts quarterly earnings of $0.68 per share vs
$0.99 a year earlier
    ** John Wiley lowers FY23 revenue outlook at constant
currency due to consumer spending and enrollment headwinds in
academic and professional learning segment
    ** Q2 revenue hurt by difficult market conditions in
publishing lines, pullback in consumer spending and enrollment
challenges, according to company
    ** Restructuring charge related to workforce actions, among
others, hurt profit
    ** YTD, shares of John Wiley down 26.5%
 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com))