John Wiley and Sons have experienced a big profit in the past quarter, due to COVID and more people buying research and online access. Digital and online products offset continued declines in print revenue, leading to a 2% increase in sales. Revenue was $431.3 million in the quarter ended July 31, 2020, compared to $423.5 million in last year’s first quarter, total profit was $16.3 million.
The major sales drivers were Wiley’s largest segment—research publishing and platforms—where sales increased 5%, to $240.8 million, and education learning, where sales jumped 29%, to $63.6 million.
“Wiley’s core strategies in open research and online education are paying off with unprecedented gains in Research article output and content consumption, strong online enrollment growth, and record new adoption of digital courseware,” said Brian Napack, President and CEO. “The Wiley team is executing well through the pandemic as we continue to take advantage of market-driven growth trends in Research and Education, while driving further efficiency gains across our business.”
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.