Shares of Scholastic Corp. (NASDAQ: SCHL) dropped by more than 10% in pre-market trading on Friday after the children’s publishing, education, and media company trimmed its forecast for FY23 and now expects adjusted EBITDA in the range of $175 million to $185 million versus its prior forecast between $195 million and $205 million. The company now anticipates FY23 revenues to grow by 4% year over year versus its prior outlook between 8% and 10%.
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SCHL reported revenues of $324.9 million, a decline of 6% year over year, and losses widened in the third quarter to $0.57 per share versus a loss of $0.44 in the same period last year.
SCHL stock has gained more than 8% in the past year.