SKIL - Skillsoft slumps after guidance rattles investors
Skillsoft Corp. (NYSE:SKIL -14.5%) trades sharply lower after the company's guidance seems to have overshadowed a Q1 earnings beat. The education tech company said the strength of the subscription-based Skillsoft Content Segment is being offset by declines in the transactional Global Knowledge segment due to macroeconomic headwinds. As a result, Skillsoft is trending towards the low end of its bookings and revenue outlook ranges for full year fiscal 2023. Full-year guidance is for bookings of $790M to $825M and revenue of $765M to $790M vs. $787M consensus. Adjusted EBITDA for the year is expected to come in at $167M. On Wall Street, Piper Sandler reduced its price target on SKIL to $5 from $7 and D.A. Davidson cut its PT to $8 from $9. Dig into the Skillsoft earnings call transript for color on the headwinds the company anticipates.
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Skillsoft slumps after guidance rattles investors