Udemy Inc. (NASDAQ: UDMY), the leading online learning platform, witnessed a significant surge in its stock price on October 30, 2024, soaring 5.79% as investors reacted positively to the company's impressive third-quarter financial results and the integration of artificial intelligence (AI) capabilities into its platform.
The online education provider reported an adjusted earnings per share of $0.07 for the quarter ended September 30, surpassing analysts' expectations of $0.01. Revenue climbed 5.8% year-over-year to $195.42 million, exceeding Wall Street's estimate of $192.66 million. This strong performance was driven by a 16% increase in Udemy Business revenue, reaching $126 million, reflecting the company's growing footprint in the enterprise learning market.
Moreover, Udemy's Annual Recurring Revenue (ARR) witnessed a remarkable 14% year-over-year growth, hitting $505 million, highlighting the platform's strong customer retention and expansion strategies. The company also reported an improvement in its gross margin, rising by 400 basis points to 64%, demonstrating its ability to drive operational efficiency and profitability.
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