Shares of children’s publishing, education and media company, Scholastic Corporation (SCHL) are falling more than 20% Friday morning after the company reported wider loss in the third quarter.
Scholastic reported net loss of $19.2 million or $0.57 per share in the third quarter, wider than $15.3 million or $0.44 per share in the same quarter a year ago. Excluding one-time items, loss was $26.2 million.
Quarterly revenue decreased to $324.9 million from $344.5 million last year.
Looking forward to the full year, the company expects revenue to grow about 4%, lower than the previous range of 8%-10%.
SCHL, currently at $33.05, has traded in the range of $28.22-$48.28 in the last 1 year.
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