Shares of online education platform Coursera, Inc. (NYSE: COUR) plummeted nearly 24% in pre-market trading on Thursday, following the company's third-quarter earnings report and weaker-than-expected revenue guidance for the fourth quarter and full-year 2024.
Coursera reported better-than-anticipated results for the third quarter, with adjusted earnings per share of $0.10 surpassing the consensus estimate of $0.02. Revenue for the quarter came in at $176.1 million, up 6% year-over-year and above analysts' expectations of $173.98 million.
However, the company's fourth-quarter revenue guidance of $174-$178 million fell significantly short of the consensus estimate of $186.6 million, sparking concerns about slowing growth. Additionally, Coursera lowered its full-year 2024 revenue outlook to $690-$694 million, down from the previous range of $695-$705 million and below the consensus of $700 million.
Coursera attributed the weaker-than-expected guidance to a more challenging global operating environment and slowing growth, particularly in its consumer segment. The company also cited macroeconomic headwinds and pressure on retention rates as contributing factors.
To address these challenges, Coursera announced plans to reduce its global workforce by about 10% as part of an expense reduction initiative aimed at bringing down costs and focusing on initiatives that are expected to drive long-term growth.
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