Shares of Houghton Mifflin Harcourt (NASDAQ: HMHC) are plunging today, down by 20% as of 2:45 p.m. EST, after the company reported third-quarter earnings. The educational textbook specialist missed analysts' expectations by a mile.
Revenue in the third quarter declined by 32% to $387 million, far short of the consensus estimate of $516.6 million. That resulted in a net loss per share of $0.10, while Wall Street was looking for positive earnings per share of $0.53. HMH posted billings of $506 million.
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Why Houghton Mifflin Harcourt Stock Is Plunging Today