Pluralsight To Focus On Enterprise

According to a Research and Markets report, the global education technology market is estimated to grow 15% annually during the period 2018 to 2024. The growth is expected to be driven by academic institutions who are providing off-campus licenses for software, repositories for courses and study materials, and online course catalogs. Cedar Valley, Utah-based EdTech company and Billion Dollar Unicorn Pluralsight (Nasdaq: PS) recently reported its fourth quarter results that surpassed market expectations.

Pluralsight’s Financials

Revenues for the quarter grew 42% over the year to $67.3 million, ahead of the Street’s forecast of $65.8 million. The quarter’s billings also grew 42% to $100.6 million. Despite the growing revenues, it continued to report losses and ended the quarter with a net loss of $31.9 million or $0.24 per share. On an adjusted basis, losses came in at $0.09 per share, ahead of the market’s forecast of a loss of $0.11 per share.

It ended the year with revenues growing 39% over the year to $232 million and a net loss of $83.7 million, or $0.65 per share.

For the current quarter, Pluralsight expects revenues of $68-$68.5 million with a loss of $0.09-$0.08 per share. It expects to end the year with revenues of $306-$314 million and a loss of $0.32-$0.26 per share. The Street had forecast revenues of $67.4 million for the quarter with a loss of $0.09 per share and revenues of $306.3 million for the year with a loss of $0.30 per share.

Pluralsight’s Growth

Pluralsight remains focused on the enterprise segment.  The recently reported quarter was the seventh consecutive quarter of more than 50% growth in B2B billings for the company. During the quarter, not only did Pluralsight add more new business customers but also continued to sell more services to its existing customers. To help attract more customers, Pluralsight is working on its go-to-market strategy of building partnerships with leading technology companies. It already has strategic partnerships with the three largest cloud providers – Amazon, Alphabet, and Microsoft – and it continues to build on these relationships.

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