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Pearson to cut 3,000 jobs worldwide

Pearson plans to cut 3,000 jobs following a record loss last year for the seller of academic books and online teaching services.

Adding to that problem, the number of students enrolling at US colleges has been slowing.

Pearson has been trying to build a business in online educational products, but has been struggling to generate profits.

'Strains' on business

Analysts are not convinced that Pearson's fortunes will recover anytime soon.

"We continue to believe that another poor year in US higher education publishing will put strains on the business," analysts at Liberum said in a research note.

"We are sceptical of the view that digital will rise to the rescue with several problems here," they said.

Earlier this month, Pearson sold a 22% stake in Penguin Random House to Germany's Bertelsmann for $1bn (£776m).

The deal left Pearson with a 25% stake in the book publisher.

In 2015, Pearson sold the Financial Times to Japan's Nikkei for £844m.