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US: Wiley reports sharp drop in second-quarter income

Education publisher John Wiley & Sons has announced that its operating income for the second quarter of fiscal year 2019 was $57.5 million, down 29% on the $80.8 million reported in the second quarter of fiscal year 2018.

The second quarter 2019 ended on 31 October 2018.

Revenue for the quarter was $448.6 million, down 1% on the $451.7 million reported in the second quarter in the previous year.

The Hoboken, New Jersey-based company also announced its results for the first half of fiscal year 2019, ending 31 October 2018. Operating income was $93.6 million, broadly level with the $93.4 million reported for the first half of fiscal year 2018. Revenue for the half-year was $859.5 million, down slightly on the $863.2 million, reported in H1 2018.

Wiley president and chief executive Brian Napack said: “We are successfully signing high-profile university partners, winning new research publishing business and growing in important areas such as open access publishing, corporate learning, WileyPLUS, test prep, and professional assessment. We are also making important progress on our operational effectiveness and cost reduction initiatives. We are particularly excited about our acquisition of The Learning House, which strengthens our leadership position in a rapidly-growing $10 billion market for tech-enabled services that help universities and corporations deliver powerful, career-enhancing learning, and expands our education delivery offerings to include career-enhancing short courses, certification programmes, and continuing education programmes.”


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Posted on: 07/12/2018




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