Scholastic falls on slashing annual revenue forecast

Scholastic

23/03/2023 21:55

** Shares of Scholastic Corp  SCHL.O  down ~12% at $36.51 in
extended trading 
    ** Company cuts FY revenue forecast as demand for children's
books softens
    ** SCHL expects 2023 revenue to grow about 4% vs prior
forecast of 8% to 10% growth 
    ** Sees FY adjusted EBITDA of $175 mln to $185 mln vs
previous forecast of $195 mln to $205 mln
    ** Q3 revenue fell ~6% to $324.9 mln and net loss widened to
$19.3 mln from $15.1 mln
    ** Up to Thursday's close, stock had risen ~8% in the last
12 months

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))