The online education technology company Coursera has shown incredible performance in Q2. The company said that the online learning growth is becoming more systematic after the COVID-19 pandemic. The company is reported to have earned a revenue of $102.1 million in Q2 with a non-GAAP gross profit of $61.8 million and a non-GAAP EPS of -$0.05. Wall Street had an estimated revenue of $91.53 million and -$0.11 EPS for Coursera in this quarter. Coursera of course has crossed these figures.
Coursera’s CFO Ken Hahn told that they had revenue growth of 38% year-over-year. The company had experienced an increase in its user base last year due to the pandemic. He added that “Following our pandemic-related surge in 2020, we believe we are seeing sustained structural demand for online learning as businesses, governments, and individual learners seek the skills required to compete in today’s economy.”
The consumer revenue in the quarter was $62 million and the platform registered 5 million new learners. Now there are almost 87 million registered users on the platform. Another $28.2 million was collected as enterprise revenue. The company has 584 enterprise customers. This is 109% of the earlier enterprise customer numbers.
Coursera hopes that they can better these numbers in Q3 as they expect to collect revenue in the range of $105 million and $109 million. The total revenue for the fiscal year 2021 is expected to be between $402 million and $410 million.
On the first day of trading in March, the company opened at $39 apiece. The initial shares were priced at $33.00 per share in its initial public offering. Over the years, it has managed to have over 2000 organizations, 4000 academic institutions, and 300 government institutions on its platform.
Coursera CEO Jeff Maggioncalda sees the second-quarter results as the effect of the reach of their platform. He added that “Institutions are using Coursera to launch large-scale reskilling efforts, and learners are coming to the platform to upskill for high-demand digital roles”.