IBL News | New York
Instructure Holdings, Inc (NYSE: INST), the maker of the leading Canvas LMS, reported yesterday an increase of 21% year over year in its revenue in the first quarter of 2022, to $115.5 million. The operating loss was $3.7 million, or a negative 3.2% of revenue.
Based on information as of May 2, 2022, Instructure predicted that the revenue is expected to be in the range of $460.9 million to $464.9 million in the full year of 2022.
“Canvas continues to displace legacy LMS solutions worldwide and our Instructure Learning Platform strategy gained further traction during the quarter, with especially strong growth across our assessments portfolio,” said Steve Daly, CEO of Instructure.
The Salt Lake City, Utah-based company bought the credentialing tool Badgr/Concentric Sky in April.
Instructure also highlighted its awarded contract with the twenty-three California State University (CSU) institutions, with a combined enrollment of over 485,000 students. The company will provide Canvas LMS as well as other solutions, such as Studio, Impact, and Pathways.
In addition, Canvas LMS was selected as the LMS for Prince George’s Community College (PGCC) in Maryland, Spring Branch Independent School District in Houston (33,000 students), and Universidade Presbiteriana Mackenzie in Brazil.
Despite these results, investors are not buying the stock of Canvas LMS, and the price per share is at its lowest, at $18.47.