Shares of Docebo Inc. (DCBO) plummeted 6.34% in early trading on Friday following the release of the company's first-quarter 2025 earnings report. The e-learning platform provider delivered mixed results and announced the loss of a major client, prompting investors to reassess the company's growth prospects.

While Docebo reported that Q1 results exceeded guidance on both revenue and profitability, with total revenue increasing 11% year-over-year to $57.3 million, the company's net income saw a significant decrease. Net income fell from $5.2 million in Q1 2024 to $1.5 million in Q1 2025, a decline of 71.5%. This sharp drop in profitability likely contributed to the negative market reaction.

Adding to investor concerns, Docebo revealed that Amazon Web Services (AWS) would not be renewing its contract for the Skills Builder customer academy, which is set to expire on December 31, 2025. This loss represents less than 2% of Docebo's reported Annual Recurring Revenue but signals a potential challenge in retaining high-profile clients. The company also announced several leadership changes and a restructuring that resulted in severance payments, further adding to the uncertainty surrounding Docebo's future performance.