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US: Instructure posts reduced losses on growing revenue

Instructure
Image from Instructure’s Facebook page

Instructure Holdings, the maker of the Canvas Learning Management System, has reported a second quarter 2022 net loss of $12.9 million, compared to a net loss of $21.7 million reported for the second quarter last year. Revenue for the quarter was $102.9 million, up from $84.3million reported for Q2 2021.

The Salt Lake City-based company also reported results for the first six months of 2022. Its net loss for the period was $18.5 million, compared to a net loss of $54.8 million reported in the first half of last year. Revenue for the six-month period was $206.4 million, up from $170.6 million reported for the first six months of 2021.

Instructure’s chief executive Steve Daly said: “In an uncertain macroeconomic environment, Instructure delivered strong, double-digit top line growth and year-over-year margin expansion during the second quarter. Our Instructure learning platform strategy continued to gain momentum during the quarter with growth across our Canvas learning management solutions, Mastery assessment tools and content, Elevate data and analytics products, and Impact solutions for ed tech adoption and engagement. We were thrilled to welcome over 12,000 registrants and many of our 600-plus Instructure EdTech Collective partners to InstructureCon 2022 North America in July, where we highlighted product improvements that make the Instructure learning platform even more powerful in 2022. We look forward to the opportunity to bring more value to our clients, partners and shareholders in the months and years ahead.”

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