By Sri Ravipati, Campus Technology
The company last month issued a profit warning announcing it would not reach its goals for 2018, prompting plans to sell major assets. Now, according to its 2016 earnings report released Friday, the British-owned publishing company has reported a pre-tax loss of nearly £2.6 billion ($3.2 billion) — the biggest loss in its almost 30-year history. The company’s United States business accounts for two-thirds of its revenue and profits, and that segment has been taking a massive hit with students opting to rent textbooks instead of buying them. According to the earnings report, net revenues declined an unprecedented 18 percent during the year. Total college enrollments for courseware dropped 1.4 percent, with combined two-year and four-year for-profit enrollments falling 5 percent.
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