Shares of Udemy, Inc. (UDMY), a leading online learning platform, surged 5.20% in after-hours trading on Monday, October 29, 2024, following the company's impressive third-quarter earnings results.
The San Francisco-based company reported revenue of $195.42 million for the quarter ended September 30, 2024, beating analysts' consensus estimate of $192.66 million. Udemy's adjusted earnings per share (EPS) of $0.07 also surpassed the consensus forecast of $0.01.
The better-than-expected performance was driven by strong growth in Udemy's enterprise business, known as Udemy Business. This segment, which offers corporate learning solutions, saw revenue increase by 16% year-over-year to $126.1 million, accounting for nearly two-thirds of the company's total revenue. Notably, Udemy Business Annual Recurring Revenue (ARR) crossed the $500 million milestone, up 14% from the prior year.
Udemy attributed the robust enterprise growth to new customer wins and expanded relationships with existing clients, including major companies across various industries and geographies. The company also highlighted its focus on product innovation, particularly the launch of AI-enabled capabilities within its Intelligent Skills Platform, as a key driver of growth.
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