Online learning platform Udemy (NASDAQ:UDMY) reported Q3 FY2023 results exceeding Wall Street analysts’ expectations , with revenue up 16.6% year on year to $184.7 million. The company also expects next quarter’s revenue to be around $185.5 million, in line with analysts’ estimates. Turning to EPS, Udemy made a GAAP loss of $0.11 per share, improving from its loss of $0.33 per share in the same quarter last year.
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Revenue: $184.7 million vs analyst estimates of $178.2 million (3.65% beat)
EPS: -$0.11 vs analyst estimates of -$0.18 (38% beat)
Revenue Guidance for Q4 2023 is $185.5 million at the midpoint, above analyst estimates of $183.9 million
Free Cash Flow of $8.54 million, down 36% from the previous quarter
Gross Margin (GAAP): 58.2%, up from 56.4% in the same quarter last year
Monthly Active Buyers: 1.41 million, up 90 thousand year on year
“Udemy delivered strong results that exceeded our expectations for top-line growth, and we delivered our second consecutive quarter of positive adjusted EBITDA and free cash flow,” said Greg