Pearson American depository receipts were slightly lower in recent pre-market trade after the company reported improved results for the first half of 2017 while reiterating its guidance for the year and as it said it plans to cut 3,000 jobs. Adjusted earnings were GBP0.06 ($0.07), compared to adjusted loss of GBP0.01 a year ago and was better than the GBP0.01 estimate from a single analyst polled by Capital IQ. Revenues grew year-over-year to GBP2.05 billion from GBP1.87 billion but missed the GBP2.06 billion average estimate from three analysts polled.
For the year, the company still expects adjusted EPS of between GBP0.46 and GBP0.53. Meanwhile the company said its plans to cut GBP300 millin in costs between 2017 and 2019 are “well underway” and will reduce its headcount by approximately 3,000 full time equivalent jobs.