Udemy drops after Q1 revenue forecast misses estimates

Udemy

10/02/2022 12:18

** Online learning platform Udemy Inc's  UDMY.O  shares
plunge 11% to $14.20 in light premarket vols
    ** Late on Wednesday, co said it expects Q1 revenue between
$144 mln and $148 mln  urn:newsml:reuters.com:*:nGNX6NkDSX
    ** Analysts were expecting Q1 revenues of $152.4 mln,
according to IBES data from Refinitiv
    ** At least three also brokerages cut PTs, citing muted
growth in co's consumer business
    ** Lower-than-expected forecast highlights softening demand
for UDMY's services, as the COVID-19 pandemic recedes and
in-person learning resumes
    ** As of last close, UDMY has lost nearly a fifth of its
market value so far this year amid risk-off sentiment in broader
markets

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))