Coursera, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the same periods in 2023. The company generated revenue of $176.1 million for Q3 2024, a 6% increase from $165.5 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $515.5 million, up 10% from $466.9 million in the prior year. This growth was driven by a 19% increase in registered learners and a 29% rise in Degrees students.
Gross profit for Q3 2024 was $96.2 million, reflecting a 16% increase from $83.3 million in Q3 2023, with a gross margin improvement to 55% from 50%. For the nine-month period, gross profit was $275.9 million, up from $240.4 million in 2023. The company reported a loss from operations of $(21.8) million for Q3 2024, significantly improved from $(39.6) million in Q3 2023. The net loss for Q3 2024 was $(13.7) million, compared to $(32.1) million in the same quarter of the previous year.
Coursera's total current assets as of September 30, 2024, were $821.2 million, slightly down from $832.5 million at the end of 2023. Cash and cash equivalents increased to $719.4 million from $656.3 million over the same period. The company reported an accumulated deficit of $(838.6) million as of September 30, 2024, compared to $(780.7) million at the end of 2023.
In terms of strategic developments, Coursera announced a commitment to reduce overall expenses, targeting at least $30 million in annualized structural cost savings. This initiative includes a planned reduction of approximately 10% of the global workforce, expected to begin in Q4 2024 and primarily complete by March 31, 2025. The company anticipates recognizing incremental expenses of $7 million to $9 million in Q4 2024 related to severance and benefits, alongside a reversal of stock-based compensation expense of $2 million to $3 million.
Additionally, Coursera incurred restructuring-related charges of $2.1 million during the nine months ended September 30, 2024, associated with a plan to restructure its Enterprise segment sales force. The company continues to focus on enhancing its educational offerings and expanding its international presence, while also addressing challenges related to learner retention and engagement.
About Coursera, Inc.
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