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Why Skillsoft Shares Are Falling Today

Published 09/06/2022, 19:08
Updated 09/06/2022, 19:41
© Reuters.  Why Skillsoft Shares Are Falling Today
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Skillsoft (NYSE: SKIL) shares are trading lower after the company reported worse-than-expected first-quarter sales results and issued cautious commentary for 2023.

The company reported first-quarter revenues of $163.91 million, missing the consensus estimate of $170.41 million. Bookings declined 5% year over year. The company also said it is trending towards the low end of its bookings and revenue outlook for 2023 as a result of declines in the transactional Global Knowledge segment amid macro headwinds.

Piper Sandler maintained a Neutral rating on the stock and lowered its price target from $7 to $5.

Skillsoft Corp is a leader in corporate digital learning. It democratizes learning through an intelligent learning experience and a customized, learner-centric approach to skills development with resources for Leadership Development, Business Skills, Technology and Developer, Digital Transformation, and Compliance.

Shares were down 17.4% at $5.24 at the time of publication, according to data from Benzinga Pro.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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