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S&S Posts Record Quarter, Could Be Sold by End of Year
Sales rose 19% and earnings were up 16% at Simon & Schuster in the first quarter, and executives at parent company Paramount Global said there is a possibility the sale of the publisher could be completed this year.
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AI Concerns Drop Chegg Stock by 48%
The stock price of Chegg, the online learning platform for university students, fell 48% Tuesday, after its CEO reported that a spike in interest by students in ChatGPT resulted in lower than expected results in the first quarter.
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Online Sales Flat at Amazon in Q1
Amazon's cost-cutting efforts led to higher earnings in the first quarter, but its online revenue was flat compared to the first quarter of 2022.
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Sales Fell in First Quarter at Hachette Book Group
HBG CEO Michael Pietsch attributed the 11% decline to a strong first quarter in 2022, plus “a generally softer market, especially for hardcovers.”
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Large Trade Publishers See Flat Sales for 2022
Higher costs and lower sales led to disappointing results at three of the four largest trade publishers last year, reviving an old publishing mantra.
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Bookstore Sales Jumped in February
For the second month in a row, bookstore sales posted large gains over 2022. According to preliminary figures from the U.S. Census Bureau, February bookstore sales increased 10.7% over last year, rising to $609 million.
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Profits Jumped at Quarto Group in 2022
Despite a decline in sales, cost controls and a rebound in its custom publishing operation led to a 67% jump in profits for Quarto Group in 2022.
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Profits Fell 11% at Penguin Random House in 2022
Sales at Penguin Random House rose nearly 5% in 2022, but rising costs resulted in an 11.8% decline in earnings, which dropped to €666 million.
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Scholastic Has Soft Third Quarter
The publisher cited a number of economic factors for a disappointing quarter, including weaker consumer demand for books and lower orders from retailers and wholesalers that are still working through high levels of inventory acquired last year that remains unsold.
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Publishing Industry Sales Rose 3.5% in January
Despite high returns, sales for the 1,240 companies that report results to AAP's StatShot program increased 3.5% in January, with the adult books segment leading the way.
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Wiley Has Disappointing Third Quarter
A decline in sales in Wiley's academic group and problems in an open access unit led to a 5% drop in sales in the quarter and an operating loss of $67 million. The unexpected results led Wiley to speed up its streamlining efforts and to lower its financial forecast for fiscal 2023.
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Preliminary AAP Sales Find a 6.4% Decline
Year-end figures from the Association of American Publishers’ StatShot program show sales were down in all publishing categories.
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S&S Sales Topped $1 Billion in Record 2022
With all of its operating groups reporting sales gains, revenue and profits hit record levels in 2022 at Simon & Schuster. CEO Jonathan Karp called the year "stratospheric."
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Workman Sales Boosted 2022 Hachette Book Group Results
With a full year of sales from its purchase of Workman Publishing in its pockets, Hachette Book Group saw revenue rise over 2021, but higher costs dropped profits. Results at HBG parent, Lagardère Publishing, followed a similar pattern.
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New Report Puts Online Sales of Books, Audio at $12.13 Billion in 2022
Total online sales across print, e-book, and digital audiobook formats rose 5.6% in 2022, to $12.13 billion, according to Bookstat. The service collects online sales data in real time from Amazon, Apple, and Barnes & Noble.
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Publishing Sales Dropped 6.4% in 2022, AAP Report Finds
Sales from publishers reporting to the AAP's StatShot program were down 6.4% in 2022 compared to 2021. Sales were down in all publishing categories, with print sales off in both trade segments.
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Deal Reached in HarperCollins Strike as Publisher Has Another Bad Quarter
HarperCollins has reached a tentative agreement with its striking union that includes an unspecified increase in minimum salaries. The deal was announced shortly after the publisher reported that sales fell 14% in the quarter ended December 31, and that profits plunged 52%.
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Online Sales Stall at Amazon, More Layoffs Coming
Revenue rose at Amazon in 2022 over 2021, but profits declined, with sales in the company's online business falling for the fourth time in five quarters. The company plans to cut 18,000 jobs worldwide.
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Skybound Goes Direct to the Public for Investment
Skybound Entertainment has launched a massive campaign to raise up to $75 million directly from the public via a Regulation A investment round on the Republic equity crowdfunding platform.
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Book Sales in All Categories Fell in November
Sales in both the adult and children's/young adult categories fell by double digits in November, due in part to soft hardcover sales.
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