UPDATE 2-SkillSoft Q2 profit beats Street, raises 2009 outlook
(Adds analyst comment, details from conference call; updates share movement)
By Sandhya Menon
BANGALORE Aug 22 (Reuters) - E-learning services provider SkillSoft Plc SKIL.O posted a better-than-expected quarterly profit, driven by strong performance in its core business, and raised its full-year outlook, sending its shares up about 8 percent.
The company managed to pull-off a good quarter despite the broader slowdown in information technology spending and the prolonged weakness in the U.S. economy.
"The slow-down in IT spending does not appear to have impacted the company. I think if the economy were even more normal, we'd be seeing even better growth rates," Craig-Hallum Capital analyst George Sutton said.
SkillSoft was comfortable in raising its outlook given the level of contracts they have and renewals that they have seen from customers, Sutton said.
Chief Executive Chuck Moran said in an investor conference call he was unhappy with the performance and felt the company could do better by landing new businesses and growing existing ones.
"That's why we love him. He will never be happy with any results. They always are looking for better results," Sutton said by phone. Continua...