By Kate Holton
LONDON (Reuters) – The outgoing boss of Pearson hailed the wisdom of his lengthy and often painful battle to rebuild the education group for a digital generation on Wednesday after COVID-19 accelerated the switch to online learning.
John Fallon, who issued a string of profit warnings as students moved from expensive textbooks to digital learning, said the company would not have been able to cope with the rapid shift online during the pandemic had it not previously prepared.
While group sales fell in the first nine months due to cancelled tests and closed schools, global online learning jumped 32% in the third quarter.
Fallon said while he “owned” the profit downgrades and the shareprice drop – falling more than 50% during his tenure – he said he had also earned the right to ask where the company would be if he had not taken out costs and invested in digital.
“The future of learning is digital and as you can see from these trends, Pearson is going to play a very very big part in it,” he said.
Its shares rose 3% in early trading.
The company, which has appointed former Disney executive Andy Bird as its new CEO from next week, said group sales fell by 14% in the first 9 months, a slight improvement from the half-year, when group sales were down 17%.
Online learning sales jumped and it recorded growth in digital and subscription services in its historically difficult U.S. courseware arm.
Pearson remained on track to hit market forecasts, with analysts expecting the group to post adjusted operating profit of 332 million pounds ($429 million) in 2020. It had forecast profit of up to 490 million pounds in February and delivered 581 million pounds in 2019.
It also warned that larger than usual
Domo Experts From Citrus Ad and DHL to Present at the Forrester Data Strategy & Insights Virtual Trade Show
Data and Technology Leaders will Share How They Are Leveraging Data and Domo to Solve Today’s Complex Business Challenges
Domo (Nasdaq: DOMO), provider of the Domo Business Cloud, today announced that two customers – Citrus Ad and DHL – will be hosting separate sessions at the Forrester Data Strategy & Insights Virtual Trade Show to share how they are leveraging data and Domo to solve today’s complex business challenges. The event is being held from October 13 – 15 and Domo is a premium sponsor.
“Domo empowers organizations of all sizes to unlock the value of their business data. Join our customer sessions led by data and technology leaders at Citrus Ad and DHL, as they share how Domo has empowered them to help their organizations be more agile, and create a data-driven culture through well-governed, self-service BI and analytics,” said John Mellor, chief strategy officer, Domo.
Details on the Domo customer-led sessions include:
Date/Time: Wednesday, October 14 @ 11:25am ET
Session Title: Building a Data Driven Culture to Help Power Retail Media Insights
Speaker: Adam Skinner, CTO, Citrus Ad
Date/Time: Thursday, October 15 @ 11:55am ET
Session Title: How DHL leverages data as a value differentiator
Speakers: Jasmine Miller, Data Engineer, DHL
Carlos Palacios, Sr. Manager, Data Operations and Pricing, DHL
Additionally, meet virtually with Domo experts during the Data & Insights Trade Show in the Interactive Marketplace. For more information on Domo’s presence at the Forrester Data Strategy & Insights Virtual Trade Show, visit here.
To learn more about how Domo has helped democratize data for over 1,800 industry leading, innovative and disruptive organizations, visit Domo’s customer page.
Domo is the Business Cloud, empowering organizations of all sizes with BI leverage at cloud scale, in record time. With Domo, BI-critical processes that took weeks, months or
- Warren Buffett’s Berkshire Hathaway has made surprise bets on Barrick Gold and Snowflake in recent months, clashing with the investor’s past warnings about gold, tech stocks, and IPOs.
- Berkshire’s bosses may be pursuing smaller, more frequent investments and cashing in on corporate actions, Brian Gongol, a longtime Berkshire shareholder, told Business Insider.
- “I wouldn’t be surprised if Buffett, Weschler, Combs, and Ajit Jain all got on the phone and had a talk where they decided to ‘think small’ with some fraction of the company’s cash pile,” Gongol said.
- Buffett and his team also signaled Berkshire was “the best big investment they could find” when they spent $5.1 billion buying back stock in May and June, Gongol said.
- Visit Business Insider’s homepage for more stories.
Warren Buffett’s Berkshire Hathaway stunned investors when it revealed a $560 million stake in Barrick Gold in August, and shocked them again with its $735 million bet on Snowflake when it went public in September.
After all, the billionaire investor has blasted gold as an inferior asset and repeatedly warned against backing aggressively valued, lossmaking technology companies, and IPOs.
Yet Barrick and Snowflake aren’t necessarily betrayals of Buffett’s principles, according to Brian Gongol, a longtime Berkshire shareholder and close follower of the company.
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“At first glance, the Snowflake investment really does look out of character — even for Weschler and Combs,” Gongol told Business Insider, referring to Buffett’s two portfolio managers, Ted Weschler and Todd Combs.
However, he pointed to Buffett’s description of “work-outs” — investing opportunities driven by corporate actions such as mergers, spinoffs, and reorganizations — in his 1962 letter to investors in his partnership.
“An IPO is
Success in search doesn’t happen by accident. While a lot has changed in SEO over the years, there may be more opportunities now than ever before. In this video, I’ll share my 4 pillars to building a successful SEO strategy.
As search continues to evolve, we need to as well. We can’t do the same things over and over again and expecting them to work even when the search engines are three, four, five steps ahead of us. Today we’re going to be talking about four pillars that are essential when you’re building your search strategy. Instead of going right into our tools, we need to take a step back and really understand what we’re trying to do as a whole and how this is going to benefit our business in the long run. Let’s take a look at the whiteboard today and go a little bit deeper into these four pillars.
I want to take a moment upfront and just to let you know, if you can’t see the whiteboard well, don’t worry about it. We’ve got a link to our blog below where we have a full image of the whiteboard so you can see it and we’re also going to be adding some content in the lower third just to make it more digestible for you. But I wanted to do this from the whiteboard because this is more of a teaching video and really looking at how do we build strategy as a whole and I want to be standing up in front of here so you could see how I really processed through this and maybe give you a little insight into why we do what we do at our agency.
The first thing we need to look at when we’re building an
Silver Lake was labeled the ‘Warren Buffett of tech’ for investing billions during the pandemic. It’s emulating Buffett again with its new 25-year strategy
- Silver Lake is launching a 25-year investment strategy, The Wall Street Journal reported on Tuesday.
- The private-equity giant is becoming even more like Warren Buffett with its longer investing timeframe.
- Silver Lake has invested billions of dollars in Twitter, Airbnb, Expedia, and other businesses during the pandemic, similar to how Buffett handed cash to the likes of Goldman Sachs and General Electric during the 2008 financial crisis.
- The firm has also emulated Buffett by lending money at lofty interest rates and securing equity warrants.
- Visit Business Insider’s homepage for more stories.
Silver Lake pulled from Warren Buffett’s playbook when it injected cash into ailing companies during the coronavirus crash this year. The private-equity giant is emulating the famed investor once again with the launch of a 25-year investment strategy.
Abu Dhabi’s sovereign-wealth fund, Mubadala, is acquiring a sub-5% stake in Silver Lake and contributing $2 billion to the new fund, The Wall Street Journal reported, citing people familiar with the matter.
Silver Lake, which manages more than $60 billion in total assets, has a quarter of a century to employ Mubadala’s cash and realize any gains — more than double the usual 10-year timeframe for private-equity funds, The Journal said.
Read More: UBS says the chances of a Democratic sweep have risen to 50% as Trump and Biden square off in their first debate. These 9 assets will help investors profit if a blue wave comes crashing in.
Buffett, the billionaire CEO of Berkshire Hathaway, has championed long-term investing for decades and held stocks such as Coca-Cola for more than 30 years. “Our favorite holding period is forever,” Buffett wrote in his 1988 shareholder letter.
Silver Lake hasn’t just adopted a Buffett-esque investment horizon, it has also taken up his mantle