Udemy (UDMY) reported Q4 EPS of ($0.16), $0.07 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $165.3 million versus the consensus estimate of $165.71 million.
GUIDANCE:
Udemy sees Q1 2023 revenue of $168-172 million, versus the consensus of $187 million.
Udemy sees FY2023 revenue of $700-730 million, versus the consensus of $777 million.
Business Update
On February 13, 2023, Udemy announced to its employees that in response to macroeconomic conditions and to further streamline its operations and cost structure, it made the difficult decision to reduce its global workforce by approximately 10%. Employee notifications are complete and this action will result in a one-time charge in Q1 2023 of $8 to $9 million in non-GAAP severance costs, primarily consisting of personnel expenses, such as salaries and wages, one-time severance payments, and other benefits. Udemy expects these actions to result in annualized non-GAAP savings of approximately $30 to $32 million. Udemy believes these actions will accelerate its path to profitability and now expects to be profitable on an adjusted EBITDA basis for the second half of 2023.