Scholastic Corporation Reports Net Loss of $74.2 Million in Q1 2023
Revenue Declines by 18% as Scholastic Faces Challenging Quarter
Scholastic Corporation,(SCHL) a renowned publisher of childr en's books and educational materials, has released its unaudited financial results for the three months ended August 31, 2023. The company reported a net loss of $74.2 million for the quarter, which marks a significant contrast from the same period in the previous year. Additionally, revenues declined by 18% year-over-year, reflecting a challenging quarter for the company.
Net Income/Loss
Scholastic Corporation faced a substantial setback in the first quarter of fiscal year 2023, reporting a net loss of $74.2 million. This represents a considerable decline compared to the net loss of $45.4 million in the same quarter of the previous year. The company's performance was adversely affected by various factors, including a decrease in revenue and higher operating costs.
Revenue
