Cengage takes 17% revenue hit in first quarter

Cengage takes 17% revenue hit in first quarter

Cengage's revenues fell 17% year on year in the first quarter of its fiscal year (to end June 2020), to a total of $191m, as the Covid-19 pandemic hit.

However the company cut losses for the quarter, with a loss of $17m, down by $9m on the same period in the prior year. The improved profitability came from a programme of cost savings which added up to a total of $35m in the quarter.

Revenues in Cengage's Higher Education and Skills business were up 5% to $96m, with Higher Education alone up 1%, and the Online Skills business rocketing up 40% as Covid-19 accelerated the shift to online...

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