Coursera falls after lowering FY24 revenue forecast
** Shares of online learning platform Coursera COUR.N fall 20.9% to $6.03 premarket
** Co sees FY24 rev. between $690 mln to $694 mln, lower than the earlier forecast of $695 mln to $705 mln, due to weaker consumer retention and drop in net revenue retention in co's enterprise business
** Raises FY24 adj. EBITDA to $36.5 mln to 38.5 mln from $24 mln to 28 mln earlier
** Forecasts Q4 rev. between $174 mln to $178 mln
** Co's Q3 rev. and adj. EPS beat analysts' estimates compiled by LSEG
** Co announces expense reduction initiative; plans to reduce global workforce by about 10%
** At least five brokerages cut PT on stock
** Morgan Stanley cuts PT to $10 from $15, maintains "overweight"
** We are confident in Coursera's ability to deliver continued annual margin expansion, even off of the raised 2024 EBITDA guidance - Morgan Stanley
** Needham cuts PT to $11 from $15
** Avg. rating of analysts covering stock is "buy"; median PT is $11 - LSEG
** As of last close, stock down 60.7% YTD
Reporting by Sukriti Gupta in Bengaluru
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