Wiley falls on plans to divest education business

John Wiley & Sons

15/06/2023 17:42

** Shares of education technology firm John Wiley & Sons
 WLY.N  fall 14.75% to $31.2, their lowest in over two and half
years
    ** Co to divest its non-core education business, including
university services, Wiley Edge & Cross Knowledge, in Q1 2024
    ** Stock set to post worst day since March 9 if losses
continue
    ** "The actions that we are now taking will allow us to
materially improve our performance and margins in fiscal 2025
and 2026" - Co
    ** Also posts lower Q4 revenue of $526 mln vs $545 mln
reported year ago
    ** Adds that co not providing free cash flow outlook due to
uncertainty around timing of divestitures; size and scope of
restructuring payments
    ** Including session's losses, stock has fallen ~24% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))