Udemy Inc (NASDAQ:UDMY) stock fell 1.59% (As on Dec 9, 11:36:57 AM UTC-4, Source: Google Finance) after the company beaten the topline estimates for third quarter of FY 21. The company has reported Non-GAAP net income (loss) of ($1.7 million) compared to $4.7 million in the third quarter of fiscal 2020. The company has delivered Non-GAAP gross profit of $72.2 million, compared to $69.6 million in the third quarter of fiscal 2020. Adjusted EBITDA was $1.6 million for the third quarter of 2021, compared to $8.1 million in the third quarter of fiscal 2020. Consumer revenue totaled $79.2 million, down (13%) year over year. Udemy Business revenue totaled $50.4 million, up 84% year over year. Consumer segment monthly average buyers was 1,263 thousand, down (6%) year over year. Udemy Business segment annual recurring revenue was $207.4 million, up 80% year over year. Udemy Business total customers was 9,592 as of September 30, 2021, up 42% year over year. Udemy Business net dollar retention rate was 118% compared to 119% in the third quarter of fiscal 2020. Consumer segment gross profit was $42.0 million compared to $53.3 million in the third quarter of fiscal 2020. Udemy Business segment gross profit was $32.9 million compared to $18.2 million in the third quarter of fiscal 2020.

UDMY in the third quarter of FY 21 has reported the adjusted loss per share of 4 cents, which is inline with the analysts’ estimates for the adjusted loss per share of 4 cents. The company had reported the adjusted revenue growth of 9 percent to $129.6 million in the third quarter of FY 21, beating the analysts’ estimates for revenue of $125.6 million.

The firm anticipates revenue to be in the range of $130 million to 134 million in Q4, versus a market projection compiled by Capital IQ of $129.6 million. The sales outlook for the full-year 2021 is $510.2 million to $514.2 million, versus the $506.8 million consensus. For the fourth quarter, the company expects Adjusted EBITDA to be in the range of $(28.5) – (24.5) million and for the year it expects to range $(31.4) – (27.3) million.

Meanwhile, the company has added new Udemy Business customers across key verticals including Alcoa, Mitsubishi Chemical, and Carvana, a leading e-commerce platform for buying and selling used cars. Notable expansions included Computacenter PLC, Michelin (Manufacture Francaise des Pneumatiques Michelin), Momentum Metropolitan, and Mercado Libre.