Skillsoft Corp (NYSE:SKIL) stock plunges 29.08% (As on April 16, 11:06:21 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 23. Content & Platform segment GAAP Revenue of $102 million grew 4%. Total GAAP Revenue of $138 million declined 2%, with growth in the Content & Platform segment offset by a 16% decline in Instructor-Led Training segment GAAP Revenue to $36 million. GAAP net loss of $245 million included a $202 million non-cash charge for goodwill and intangible impairment, and compared to a GAAP net loss of $53 million in the prior year. GAAP net loss per share of $30.38 compared to a GAAP net loss per share of $6.51 in the prior year. Pro forma Adjusted Net Loss of $25 million was favorable to a pro forma Adjusted Net Loss of $34 million in the prior year. Pro forma Adjusted Net Loss per share of $3.09 was favorable to a pro forma Adjusted Net Loss per share of $4.17 in the prior year. Adjusted EBITDA from continuing operations of $28 million, reflecting a margin of 21% of GAAP Revenue, up from $22 million and a margin of 16% of GAAP Revenue in the prior year. Free Cash Flow of positive $5 million, favorably compared to positive $1 million in the prior year. The company ended the quarter with $136 million of cash and cash equivalents

SKIL in the fourth quarter of FY 23 has reported the adjusted loss per share of $3.09, missing the analysts’ estimates for the adjusted earnings per share of $3.04. The company had reported the adjusted revenue growth of 35.9 percent to $137.5 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $141.4 million.

For fiscal 2025, the company expects GAAP revenue to be in the range of $530 million to $550 million. Analysts polled by Capital IQ expect $578.5 million.

Separately, the company said that Chief Executive Jeffrey Tarr will retire, effective April 16, and Ronald Hovsepian, appointed executive chair, will become the principal executive officer.

Tarr will work with the company in an advisory capacity over the coming weeks.

Additionally, the company has increased fourth quarter LTM Content & Platform Dollar Retention Rates to approximately 101%, up from approximately 100% in the prior year period. The company has launched an expanded collection of more than 60 new learning scenarios and recognized with a 2024 AI Excellence Award by Business Intelligence Group for Skillsoft’s AI-powered coaching solution CAISY