John Wiley & Sons, the renowned publisher based in Hoboken, N.J., has announced a decrease in sales for its fiscal second quarter. The company attributes this decline to the ongoing process of selling businesses and a temporary pause in publishing on its Hindawi platform.
In the three months ended October 31, John Wiley & Sons reported a loss of $19.4 million, or 35 cents per share. This marks a significant decrease compared to the profit of $38.2 million, or 68 cents per share, achieved during the same period last year.
However, after adjusting for restructuring charges, impairment of assets held for sale, and other one-time items, the adjusted earnings per share stood at 73 cents.
The company’s quarterly revenue also experienced a decline, falling by 4% to $492.8 million. Notably, revenue from businesses held for sale dropped by 17% to $86 million, primarily due to declines in the Wiley Edge business segment.
Within its various divisions, the research unit of John Wiley & Sons generated $258 million in revenue, representing a 5% decrease. This decline can be attributed to the publishing pause at its Hindawi business. Conversely, the learning business division saw a 7% increase in revenue, totaling $149 million.
