Pearson Drops as Sales Miss Estimates on U.S., U.K. Testing
- Shares fall most since October as sales trail estimates
- Company cutting jobs as U.S. spring college enrollments drop
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Pearson Plc, the British education company, reported six-month sales that missed analysts’ estimates and predicted a challenging second half of 2016 after testing revenue declined in the U.S. and U.K. The stock slumped.
Sales dropped 7 percent to 1.87 billion pounds ($2.46 billion) in the first half, trailing the average estimate of 1.95 billion pounds, based on three analysts. Revenue plunged 11 percent at constant exchange rates, the London-based company said in a statement Friday.