Why Is Barnes & Noble Education (BNED) Stock Up 20% Today?

Barnes & Noble Education (NYSE:BNED) stock is climbing higher on Friday following the release of its earnings report for the fiscal third quarter of 2023.

That earnings report starts with the company’s adjusted earnings of -$11.4 million. While that’s still not a profit, it’s a massive improvement over the -$28.9 million reported in the same period of the year prior.

To go along with that, Barnes & Noble Education reported revenue of $447.1 million for the period. That’s better than the $388.16 million that analysts were expecting for the quarter. It’s also an 11% increase year-over-year.

According to Barnes & Noble Education, the positive momentum in its earnings report is due to improving conditions surrounding the Covid-19 pandemic. The company notes that results in fiscal 2022 were hampered by students not returning to college due to the Omicron variant.

BNED Stock Outlook

Barnes & Noble Education also provides guidance for what investors can expect in fiscal 2023. That includes consolidated non-GAAP Adjusted EBITDA ranging from $20 million to $30 million. It also expects non-GAAP Adjusted EBITDA growth of $25 million to $35 million for the fiscal year.

Investors will note that BNED stock has already traded some 453,000 shares as of this writing. That’s above the company’s daily average trading volume of about 394,000 shares.

BNED stock is up 19.8% as of Friday morning.

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