Why Udemy Stock Sank Like a Rock Today
Shares of online learning platform operator Udemy (NASDAQ: UDMY) sank on Thursday after the company reported its results for 2023's fourth quarter. Most of the numbers looked pretty good, but management's cautious outlook and gentle warning regarding operating expenses seem to have spooked the market. As of 1:15 p.m. ET, Udemy stock was down 23%.
In 2023, Udemy's revenue rose 16% to $729 million, boosted by higher-than-expected Q4 revenue of $190 million. And for the first time, it posted positive full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $7.8 million, which was another pleasant surprise.
However, Udemy CFO Sarah Blanchard didn't boost investor confidence when she said, "From a macro perspective, the current environment remains volatile." That statement might have cast a shadow over the company's guidance.
Source Fool.com
