October 19, 2021

Reuters: Pearson’s U.S. Textbook Sales Will Be Down 20% This Year According to CEO

From Reuters: 

In an echo of Pearson’s past profit warnings, the world’s biggest education company said on Thursday that while 75% of its sales continued to grow, U.S. higher education courseware revenue was set to fall as much as 12% in 2019.

This compared with a forecast 5% drop from the British education company, which has cut 16,000 jobs and restructured over six years to sell textbooks and courseware online, after a rapid move to digital sales sparked repeated profit warnings.

“We thought that textbook sales would be down 10% this year, it looks like now they’re going to be down 20%,” Chief Executive John Fallon told reporters. “That is painful for this year’s guidance but what it means is we’re just getting to the future state of this business more quickly.”

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About Gary Price

Gary Price (gprice@mediasourceinc.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. Before launching INFOdocket, Price and Shirl Kennedy were the founders and senior editors at ResourceShelf and DocuTicker for 10 years. From 2006-2009 he was Director of Online Information Services at Ask.com, and is currently a contributing editor at Search Engine Land.

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