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 [email protected]
