Q2 2024 Coursera Inc Earnings Call Transcript
Key Points
- Coursera Inc (COUR) achieved over 2 million enrollments in its generative AI catalog and welcomed nearly 7 million new learners, marking one of the highest quarterly increases since 2020.
- The company launched a record number of entry-level professional certificates in Q2 2024, surpassing the entirety of 2022, with contributions from major partners like Google Cloud, IBM, Meta, and Microsoft.
- Coursera Inc (COUR) introduced and enhanced several AI-powered product innovations, including Coursera Coach, Course Builder, and a new suite of academic integrity features.
- The company reaffirmed its full-year 2024 outlook ranges for revenue and adjusted EBITDA, demonstrating confidence in its financial performance.
- Coursera Inc (COUR) reported strong financial results for Q2 2024, with total revenue of $170.3 million, up 11% year-over-year, and a gross profit of $92.3 million, reflecting a 54% gross margin.
- The company faces challenges in navigating the evolving landscape of higher education and the urgent need for skills development amid the generative AI revolution.
- There is anxiety among individuals about job displacement and security, and businesses are struggling to adapt to the rapid changes brought by AI.
- Coursera Inc (COUR) experienced a decline in net retention rate (NRR) for its enterprise segment, particularly due to transitory budgets in government partnerships.
- The company anticipates a deceleration in revenue growth for Q3 2024, with a forecasted range of $171 million to $175 million, compared to the strong performance in Q2.
- Operating expenses are expected to increase in the second half of 2024, which may impact EBITDA margins despite the company's efforts to optimize for growth.
Ladies and gentlemen, thank you for standing by, and welcome to core Saras Second Quarter 2024 earnings call time. All participants are in a listen only mode and please be advised that this call is being recorded. For this speaker's prepared remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star, followed by number one on your telephone keypad. If you'd like to withdraw that question again, press star one Kyrill.
I'd now like to turn the call over to Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.
Hi, everyone, and thank you for joining us for Corsair as Q2 2024 earnings conference call. With me today is Jeff matching Calder, Chris Ayers, Chief Executive Officer, and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our earnings press release, including financial tables was issued after the market close and is posted on our Investor Relations website located at investor
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