Skillsoft (NYSE:SKIL) shares are trading lower after the company reported worse-than-expected first-quarter sales results and issued cautious commentary for 2023.
The company reported first-quarter revenues of $163.91 million, missing the consensus estimate of $170.41 million. Bookings declined 5% year over year. The company also said it is trending towards the low end of its bookings and revenue outlook for 2023 as a result of declines in the transactional Global Knowledge segment amid macro headwinds.
Piper Sandler maintained a Neutral rating on the stock and lowered its price target from $7 to $5.
Skillsoft Corp is a leader in corporate digital learning. It democratizes learning through an intelligent learning experience and a customized, learner-centric approach to skills development with resources for Leadership Development, Business Skills, Technology and Developer, Digital Transformation, and Compliance.
Shares were down 17.4% at $5.24 at the time of publication, according to data from Benzinga Pro.