Nerdy shares slid more than 20% and hit a new 52-week low after disappointing revenue guidance from the online learning platform.
Shares of the St. Louis company were changing hands at $2.39, down 22%, on Wednesday after touching a 52-week low of $2.32 earlier in the session.
Nerdy reported fourth-quarter revenue of $55.1 million, topping the $54.8 million that analysts polled by FactSet, on average, were expecting. But the company forecast first-quarter revenue of $51 million to $53 million, shy of the $59.7 million Wall Street had penciled in.
Nerdy also said it expects full-year 2024 revenue of $232 million to $246 million, bracketing the $238.3 million analysts had forecast.
In a research note, analysts at JPMorgan said that while Nerdy’s first-quarter guidance was softer than expected, the company is lapping a one-time impact from non-recurring legacy package revenue a year earlier, and they note that the company’s 2024 guidance is in line with expectations.