Coursera has received a lift from a growing number of people changing jobs coming out of the pandemic and looking to add new capabilities, said CFO Ken Hahn.
Courtesy of Coursera
Coursera posted strong results for the first quarter, the first earnings report for the online education company since it came public on March 31.
In its initial public offering, Coursera (ticker: COUR) sold 15.73 million shares at $33 each. The stock has since rallied about 36%. In late trading Tuesday, shares were down 0.3%, to $45.50.
For the first quarter, Coursera reported revenue of $88.4 million, up 64% from a year earlier, with a net loss of $18.7 million, or $13.4 million on a non-GAAP basis. The company had a loss on an adjusted Ebitda basis of $10.1 million.
Coursera said consumer revenue was $51.9 million, up 61%, while enterprise revenue was $24.5 million, up 63%, and degree programs had revenue of $12 million, up 81%. Coursera said it added 5 million net new registered learners in the quarter, boosting the total to 82 million.
For the second quarter, Coursera is projecting revenue of $89 million to $93 million, with an adjusted Ebitda loss ranging from $9.5 million to $12.5 million. For the full year, the company sees revenue of $369 million to $381 million, with an adjusted Ebitda loss of $45.5 million to $52.5 million.
“The Covid-19 pandemic has dramatically changed the way we learn, teach, and work,” CEO Jeff Maggioncalda said in a statement. “Our strong first-quarter performance reflects the continued trend of individuals and institutions embracing online learning to develop skills for a digital future. We believe the digital transformation of higher education is only in the early innings, and we see many opportunities to drive growth for Coursera in the years ahead.”
In an interview with Barron’s, Chief Financial Officer Ken Hahn noted that results overall were a little ahead of consensus estimates across the board. “The business really is just doing well,” he said.
Hahn said the company has received a lift from a growing number of people changing jobs coming out of the pandemic and looking to add new capabilities. “The rate of change is growing,” he says. “Consumers understand they need to skill and reskill.” He adds that while four-year degree programs will continue, there’s an increasing interest in “episodic learning.”
In late trading, Coursera shares were down 0.3%, to $45.50.
Write to Eric J. Savitz at [email protected]
