Pearson Publishing has reported quarterly results today and the company has seen 3% growth on its extensive portfolio. The Financial Times and Penguin both fall under the Pearson banner. The most successful ventures for the company continues to be the educational market that nets 60% of its total revenue. The Financial Times also has seen robust sales even though advertising dollars have fallen.
United Kingdom based Pearson has reported earnings of 1.9 billion dollars for the first quarter of 2012. This exceeded expecations because the company had two solid quarters on the tail end of 2011 due to back to school sales and the holiday season. “Though the U.S. education market remains generally weak, we continue to benefit from our strong position and the rapid growth in our digital and services businesses,” Pearson said in its trading statement ahead of its annual shareholder meeting in London later Friday.
In February, Pearson said it expects to increase sales and profits in 2012, despite a tough economic environment. Digital revenue is expected to overtake revenue from its traditional publishing operations this year, but it stopped short of providing specific figures.
Michael Kozlowski is the Editor in Chief of Good e-Reader. He has been writing about audiobooks and e-readers for the past ten years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times.