Scholastic falls on results, outlook

Scholastic

14/12/2023 21:26

** Shares of Scholastic Corp  SCHL.O  fall ~11% to $37
    ** Co reported a 4% yoy decline in Q2 revenue to $562.6 mln
from $587.9 mln on low participation and spending in co's School
Reading Events division
    ** FY 2024 revenue expected to be approximately level with
or slightly below the prior year (compared to growth of 3% to
5%, previously)
    ** "We are adjusting our fiscal 2024 guidance as we take
steps to target additional revenue opportunities and align
spending in the second half of this year" - CEO Peter Warwick
    ** Up to Thursday's close, stock had risen 5% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))