05:23 AM EDT, 04/16/2024 (MT Newswires) -- (Updates with the recent stock move in the headline and the first paragraph.)

Skillsoft ( SKIL ) shares slumped 21% in premarket activity on Tuesday following quarterly results that showed sales fell more than forecast, and its revenue guidance for the full financial year also lagged market expectations.

The company reported fiscal Q4 pro forma adjusted net loss late Monday of $3.09 per share, narrowing from a net loss of $4.17 a year earlier.

Three analysts polled by Capital IQ expected a loss of $3.04.

Revenue for the quarter ended Jan. 31 was $137.5 million, down from $140.3 million a year earlier. Three analysts surveyed by Capital IQ expected $141.4 million.

For fiscal 2025, the company expects GAAP revenue of $530 million to $550 million. Analysts polled by Capital IQ expect $578.5 million.

Separately, the company said that Chief Executive Jeffrey Tarr will retire, effective April 16, and Ronald Hovsepian, appointed executive chair, will become the principal executive officer.

Tarr will work with the company in an advisory capacity over the coming weeks, Skillsoft ( SKIL ) added.