Shares of John Wiley & Sons (WLY) plummeted 5.43% in Thursday's trading session, despite the academic publishing firm reporting better-than-expected revenue for its fiscal first quarter. The stock's decline appears to be driven by a mix of factors, including a slight earnings miss and concerns over the company's learning segment performance.

John Wiley reported Q1 revenue of $396.8 million, surpassing analyst expectations of $375 million. However, this figure still represents a 1.7% decrease from the same period last year. The company's adjusted earnings per share came in at $0.49, up from $0.47 a year ago but falling short of the $0.50 estimate from analysts. The miss on EPS, albeit small, likely contributed to investor disappointment.

While the company's research segment showed growth, driven by AI licensing projects and open access expansion, the learning segment experienced a decline. This decrease was attributed to reduced AI licensing revenue and market softness in the professional sector. Despite these mixed results, John Wiley reaffirmed its fiscal 2026 outlook, projecting low to mid-single digit adjusted revenue growth and adjusted EPS between $3.90 and $4.35. The market's negative reaction suggests investors may be skeptical about the company's ability to achieve these targets given the current headwinds in its learning business.