Docebo Inc. (DCBO) shares plummeted 6.34% in pre-market trading on Friday following the release of its first quarter 2025 results and revised guidance for the fiscal year. The e-learning platform provider faced multiple challenges that seemingly spooked investors.

While Docebo reported Q1 revenue of $57.3 million, up 11% year-over-year, and exceeded guidance on both revenue and profitability, the company significantly lowered its outlook for the rest of 2025. Docebo now expects total revenue growth between 9.0% to 10.0% for the fiscal year, down from previous estimates, indicating a slowdown in growth.

Adding to investor concerns, Docebo announced that Amazon Web Services (AWS) would not renew its contract for the Skills Builder customer academy, set to expire on December 31, 2025. Although AWS will continue using Docebo for employee experience initiatives, the loss of this major customer account, which represented about 2% of Docebo's Annual Recurring Revenue, has raised questions about the company's ability to retain large enterprise clients.

Furthermore, Docebo revealed several leadership changes, including the departure of its Chief Revenue Officer and Chief Product Officer later this year. These executive exits, coupled with a reduction in workforce that resulted in severance payments during Q1, suggest potential internal challenges and restructuring efforts that may impact the company's near-term performance.