Udemy shares declined 14% to $12 in post-market trading on Wednesday after its first quarter forecast and 2024 outlook came in below Wall Street’s expectations.
The stock ended the market session little changed, and the shares are down 4.9% this year.
The education technology company guided for revenue between $193 million and $196 million for the current quarter, below estimates of $200.3 million. For 2024, it forecast revenue of $795 million to $810 million compared with expectations of $828.6 million.
“While the challenging operating environment creates some near-term headwinds, we remain as positive as ever about the long-term growth opportunities available to us,” Chief Executive Greg Brown said.