Online learning platform Coursera, Inc. (COUR) saw its stock plummet over 20% in pre-market trading on Thursday after the company reported its third-quarter 2024 results. While Coursera beat analysts' expectations for Q3 revenue and earnings, the sharp sell-off was triggered by the company lowering its full-year 2024 revenue guidance, citing macroeconomic headwinds and weaker consumer retention.

For the third quarter, Coursera reported adjusted earnings per share of $0.10, surpassing the consensus estimate of $0.02. Revenue climbed 6% year-over-year to $176.1 million, exceeding Wall Street's expectations of $173.98 million. However, the positive Q3 results were overshadowed by the company's disappointing revenue outlook for the fourth quarter and full year 2024.

Coursera lowered its full-year 2024 revenue guidance to $690-$694 million, down from the previous range of $695-$705 million and below the consensus estimate of $700 million. The company cited weaker consumer retention and a more challenging global operating environment as the primary reasons behind the lowered guidance. Additionally, Coursera announced plans to reduce its global workforce by about 10% as part of an expense reduction initiative aimed at focusing on initiatives that drive long-term growth.