On October 26, 2023, Coursera Inc (COUR, Financial) announced its financial results for the third quarter ended September 30, 2023. The online learning platform reported a 21% increase in total revenue, reaching $165.5 million, up from $136.4 million a year ago. The company also raised its 2023 revenue outlook midpoint by $10 million to $630 million.
Financial Highlights
Despite a shift of expense from operating expense to cost of revenue, Coursera Inc (COUR, Financial) reported a gross profit of $83.3 million or 50.3% of revenue. This is compared to $87.6 million or 64.2% of revenue a year ago. The net loss was $(32.1) million or (19.4)% of revenue, compared to $(36.0) million or (26.4)% of revenue a year ago. The company's Adjusted EBITDA was $(5.3) million or (3.2)% of revenue, compared to $(4.9) million or (3.6)% of revenue a year ago.
Operating Segment Highlights
The company's Consumer revenue was $99.0 million, up 27% from a year ago, driven by strong demand for newly launched entry-level Professional Certificates created by Google, IBM, and Microsoft. The Enterprise revenue was $54.9 million, up 14% from a year ago, and the Degrees revenue was $11.7 million, up 13% from a year ago.
Content, Customer, and Platform Highlights
Coursera Inc (COUR, Financial) launched the first entry-level Professional Certificate from Amazon Web Services (AWS) and announced two new degree programs from Northeastern University. The company also accelerated its machine learning translation initiative, delivering over 4,000 fully translated courses in seven of the world’s most widely spoken languages for Consumer and Enterprise learners.
Financial Outlook
For the fourth quarter of 2023, Coursera Inc (COUR, Financial) expects revenue in the range of $161 to $165 million and aims for an Adjusted EBITDA breakeven. For the full year 2023, the company anticipates revenue in the range of $628 to $632 million and an Adjusted EBITDA of approximately $(15.7) million.
Explore the complete 8-K earnings release (here) from Coursera Inc for further details.
