The Afterhours: Scholastic Corp, Flux Power report; DuckDuckGo CEO testifies in Google antitrust case
Published: 18:46 21 Sep 2023 EDT
Scholastic Corporation (NASDAQ:SCHL) shares tumbled more than 13% in after-hours trading on Thursday as the children’s publishing, education and media company reported a drop in revenue and a growing loss for the first quarter of fiscal 2024 when compared to the same period last year.
For the quarter ended August 31, 2023, it reported revenue of $228.5 million, down 13% from $262.9 million in the year-ago quarter. This also failed to meet the Street expectation of revenue of $268.8 million, per Zacks Consensus Estimate.
Flux Power (NASDAQ:FLUX) after Thursday’s close reported full-year 2023 revenue that rose 57% to $66.3 million, missing the analyst consensus forecast by $0.14 million. Shares swooned more than 15% after gaining more than 13% during the Thursday session.
The developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment also recorded a loss of $0.42 per share for the 12 months ending June 30, missing estimates by $0.01.
Meanwhile, Google’s exclusive contracts hindered DuckDuckGo’s ability to pitch browsers becoming the default for their private browsing modes, CEO Gabriel Weinberg testified Thursday.
DuckDuckGo is a privacy focused search engine and competitor to Google. Weinberg testified as part of the antitrust case against Google brought by the US Department of Justice.
Elsewhere, Lachlan Murdoch will officially inherit his father’s massive media empire after a decision Thursday named him the sole chairman of News Corp.
Lachlan, Rupert Murdoch’s eldest son, now sits at the helm of the company behind Fox News, the Wall Street Journal and the New York Post, among others. Rupert will continue to serve as chairman emeritus.
