Online learning company Coursera posted better-than-expected results for the June quarter and provided guidance that topped Wall Street estimates.
Coursera shares (ticker: COUR) in late trading have rallied 4.4%, to $37.24. The company went public on March 31 at $33 a share.
For the quarter, Coursera posted revenue of $102.1 million, up 38% from a year ago, and ahead of the Street consensus of $91.2 million. The company posted a non-GAAP loss of five cents a share, narrower than the Street forecast of a loss of 11 cents a share. Under generally accepted accounting principles, the company lost $46.4 million, or 35 cents a share. Coursera posted a loss on an adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) basis of $2.9 million.
The company said revenue from its consumer segment was $62 million, up 23%, driven by professional certification programs. Enterprise revenue was $28 million, up 69%, with the number of paid enterprise customers up 109%, to 584. Degree program revenue was $11.9 million, up 78%. The total number of degree students rose 81% from a year ago, to 14,630.
For the third quarter, Coursera sees revenue ranging from $105 million to $109 million, ahead of the Street consensus at $96.2 million. For the full year, the company is forecasting revenue of $402 million to $410 million, above the Street consensus forecast of $379 million.
“Our second-quarter result reflects the growing adoption and impact of our platform around the world. Institutions are using Coursera to launch large-scale reskilling efforts, and learners are coming to the platform to upskill for high-demand digital roles,” Coursera CEO Jeff Maggioncalda said in a statement. “Working with global brands like Google, IBM and Facebook, we have assembled a broad catalog of job-relevant content and credentials that are helping learners with no college degree or industry experience learn the skills needed to start new digital careers.”
Write to Eric J. Savitz at eric.savitz@barrons.com
