Pearson hails opportunities in artificial intelligence

9th May 2023 13:56

(Sharecast News) - Pearson hailed the opportunities offered by Artificial Intelligence in a strategy update.

According to Andy Bird, the publishing and education company's chief executive officer, Pearson had been for working for many years to embed the new technology across its product portfolio.

When wed to its proprietary intellectual property assets, generative AI would "further strengthen the Company's position as a digital-first learning company focused on delivering an unmatched experience for the consumer across their lifetime of learning."

During the Spring semester, Pearson+ had continued to deliver a "strong" performance in paid subscriptions, which had tripled versus the same period one year before.

Bird also reiterated Pearson's 2023 guidance and said management remained confident in its ability to hit its medium-term targets and that it expected a £300m share buyback programme to commence in the back half of 2023.

As of 1353 BST, shares of Pearson were trading up by 0.99% to 832.80p, having earlier risen as high as 851.80p.