Pearson Steals The Media Thunder
Monday, July 30, 2007 - 10:19 pm
On Wall Street, surprises are the order of the day. With all eyes on Rupert Murdoch and Dow Jones & company, Pearson PLC picked one heck of time to unleash theirs:
Pearson PLC, the publisher of the Financial Times newspaper, raised its revenue-growth forecasts for the full year as it reported a first-half loss stemming from the sale of its government-services unit and a declining U.S. dollar.....Pretax profit from continuing operations nearly tripled to £40 million from £14 million. Sales rose 2.9% to £1.72 billion from £1.67 billion, curbed by the weak U.S. dollar. On an underlying basis, sales would have risen 6%. WSJ
Everyone is writing off publishing, but they were able to uncork a surprise there as well...
At the FT Publishing unit, which includes the Financial Times, profit rose 28% as revenue grew 8%. Analysts responded positively to the results, which UBS described as "significantly ahead of expectations." Pearson shares rose eight pence, or 1%, to 778 pence in London trading.
Marjorie Scardino, wonderwoman.
Pearson Boosts Revenue Outlook Despite Loss
WSJ
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