August 4, 2021
Coursera, an online education technology company, delivered robust results for the second quarter on Tuesday as it said online learning growth will continue beyond the COVID-19 pandemic.
The Company reported revenue of $102.1 million for the second quarter, along with a non-GAAP gross profit of $61.8 million and non-GAAP EPS of -$0.05, above Wall Street estimates of a -$0.11 EPS and revenue estimates of $91.53 million.
Coursera’s consumer sales totaled $62 million in the second quarter as the company added 5 million new registered learners during the quarter, totaling $87 million. Company revenues for the second quarter were $28.2 million, an increase of 69% over 2020.
The company increased the total number of paying corporate customers by 584, an increase of 109% compared to the previous year.
For the third quarter, the company forecasts revenues between $105 million and $109 million, while Coursera forecasts revenues between $402 million and $410 million for the full fiscal year 2021.
Coursera began its first day of trading in March, and the company’s shares opened at $39 apiece, rising 18%, pushing Coursera’s market capitalization to over $5 billion. The IPO was valued at a total of 15.7 million shares at $33 per share, which would have earned the business about $484 million.
Coursera’s prospectus for 2020 showed a turnover of $293 million, an increase of 59% compared to the previous year, with net losses of $66.8 million. The company stated that its total number of registered users had increased by 65% to over 77 million in 2020.
Coursera CEO Jeff Maggioncalda said the second quarter results illustrate “the growing adoption and impact” of the Coursera platform.
For more information, read the original story in ZDNet.
