第二季度业绩公布后，美国银行下调Udemy评级;股价下跌

• Bank of America downgraded Udemy (NASDAQ:UDMY) to "Neutral" from "Buy" rating on Thursday following its second quarter results. They said while the company is well positioned to benefit from a secular shift to skills training (especially AI), they are cautious on execution missteps, the evolution of strategic operational changes, and little evidence yet that revenue trends are stabilizing.
• Shares of the company fell as much as 25% hitting a 52-week low of $6.92 on Thursday.
• The company on Wednesday after the bell posted Q2 Non-GAAP EPS of -$0.04, missing by $0.03. Revenue of $194.4M was +9.1% Y/Y and beat consensus by $0.25M.
• "While 2Q rev. of $194 million was in line with Street, the 2024 mgmt. revenue guidance was significantly reduced (second time this year) on: a) the ongoing challenging macro environment, b) softer than expected marketplace conversions, c) tight enterprise customer budgets, and d) the optimization of Udemy’s go-to-market organization," BofA said in their August 1 commentary.
• BofA said that while the management is holding the 2026 EBITDA target of $130-$150 million (driven by GM and opex leverage: moving resources to low-cost geos, focusing on go-to-market for large enterprises, and strategic partnerships), they think it might be a tough ask given the 3.5% target for 2024 and slowing revenue growth.
• For 3Q’24, BofA lowered its revenue expectations to $191.6 million from $199.6 million and EBITDA to $5.6 million from $5.8 million prior.
• For 2024, it lowered revenue expectations to $776.8 million from $798.6 million and raised EBITDA to $26 million from $24 million prior, to reflect topline headwinds and opex efficiencies.
• UDMY PT cut to $8.5 from $14, implying an 8% downside.

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