NASDAQ$UDMY
Udemy Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Udemy's revenue increased by 16% year-over-year, with Udemy Business revenue exceeding $100 million for the first time, and reported its first quarter of positive adjusted EBITDA as a public company.
Udemy's Q2 2023 results showed strong performance with a 16% increase in total revenue, driven by a 36% increase in Udemy Business revenue. The company also achieved its first quarter of positive adjusted EBITDA as a public company.
- Total revenue increased 16% year-over-year to $178.2 million.
- Udemy Business revenue increased 36% year-over-year to $101.6 million.
- Udemy Business Annual Recurring Revenue (ARR) increased 33% year-over-year to $420.4 million.
- Introduced a new Badging offering and Integrated Skills Framework.
Headline financials
Revenue & EPS history
Udemy · Revenue · Quarterly
$178M
Revenue by segment
Udemy · $76.6M total across 1 segment · Q2 2023
- Consumer$76.6M-2.4%100.0%
Forward guidance
Udemy provided revenue guidance for the third quarter of 2023 between $176 million and $180 million, and for the full year 2023 between $712 million and $720 million. Adjusted EBITDA margin is expected to be between -0.5% and 1.5% for Q3 2023 and between -1.0% and 0.0% for the full year.
Tailwinds
- Revenue guidance for Q3 2023 is between $176 million and $180 million.
- Revenue guidance for the full year 2023 is between $712 million and $720 million.
- Adjusted EBITDA margin is expected to be between -0.5% and 1.5% for Q3 2023.
- Adjusted EBITDA margin is expected to be between -1.0% and 0.0% for the full year.
- Weighted average share count is expected to be 151 million for Q3 2023 and 149 million for the full year.
Headwinds
- Revenue guidance assumes historical changes in foreign currency exchange rates will negatively impact total revenue year-over-year growth by approximately 2 percentage points in the third quarter.
- Revenue guidance assumes historical changes in foreign currency exchange rates will negatively impact total revenue year-over-year growth by approximately 3 percentage points for the full year 2023.
- Udemy's revenue guidance also assumes FX rates will remain constant for the remainder of the year.
- Udemy has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this earnings release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence.
- Actual results may differ materially from the guidance due to market conditions and expectations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
+2.0%
Avg return
Earnings day
+1.9%
Avg return
5 days after
-0.6%
Avg return
30 days after
50%
12 / 24 earnings
Positive
+40.7%
Q3 2023
Best reaction
-22.1%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.9% | — | — | |
| Q4 2025 | +0.0% | -2.3% | +3.8% | |
| Q3 2025 | -11.6% | -16.5% | -20.4% | |
| Q2 2025 | +9.2% | +4.6% | -1.9% | |
| Q1 2025 | -6.6% | -5.7% | +6.6% | |
| Q4 2024 | +28.0% | +29.2% | +4.9% | |
| Q3 2024 | -1.1% | -2.7% | -2.5% | |
| Q2 2024 | -17.7% | -22.2% | -7.3% | |
| Q1 2024 | +0.7% | +0.2% | -12.1% | |
| Q4 2023 | -22.1% | -20.9% | -21.4% | |
| Q3 2023 | +40.7% | +40.9% | +67.2% | |
| Q2 2023 | -4.5% | -4.1% | -9.6% | |
| Q1 2023 | +2.9% | +1.5% | +21.4% | |
| Q4 2022 | -0.7% | -11.8% | -23.9% | |
| Q3 2022 | -3.9% | +0.8% | -2.7% | |
| Q2 2021 | +23.0% | +23.2% | +21.7% | |
| Q2 2022 | +23.0% | +23.2% | +21.7% | |
| Q1 2021 | +5.1% | +18.8% | +39.5% | |
| Q1 2022 | +5.1% | +18.8% | +39.5% | |
| Q4 2019 | +1.0% | +3.2% | -15.0% | |
| Q4 2021 | -13.0% | -14.2% | -30.8% | |
| Q3 2020 | +0.2% | -7.0% | -30.2% | |
| Q4 2020 | +0.2% | -7.0% | -30.2% | |
| Q3 2021 | -6.5% | -5.8% | -32.5% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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