Why Skillsoft Shares Are Getting Hammered Today

Skillsoft Corp SKIL shares are trading lower by 12.57% to $1.67 during Wednesday's session after the company reported worse-than-expected third-quarter pro forma sales results and issued FY23 guidance.

What Happened?

Skillsoft's third-quarter pro forma sales of $139.00M missed the $142.83M estimate. The company meanwhile sees FY23 Bookings in the range of $580M-$615M, GAAP Revenue in the range of $520M-$550M.

"Q3 results were in-line with our expectations, and we reaffirmed our full year guidance as we continue to be on track for strong bookings and revenue in Q4 which is our largest quarter of the year," said Jeffrey R. Tarr, Skillsoft's Chief Executive Officer.

"I'm also pleased that we were able to grow our Global Knowledge segment bookings sequentially in the quarter and sustain double digit revenue growth in our Codecademy business," Tarr stated.

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According to data from Benzinga Pro, Skillsoft has a 52-week high of $11.35 and a 52-week low of $1.46.