Udemy Inc

Latest Results (13.06.2024):

Revenue Growth

Udemy Inc reported a significant increase in revenue for the fourth quarter of 2023, with total revenue rising 15% year-over-year to $189.5 million. This growth exceeded the high end of Udemy’s guidance for the quarter by approximately $3 million, despite a negative impact of 1 percentage point from changes in foreign exchange rates year-over-year.

Enterprise Segment Expansion

The Enterprise segment, or Udemy Business, saw a notable revenue increase of 27% year-over-year to $114.7 million in the fourth quarter of 2023. This includes a negative impact of 2 percentage points from changes in foreign exchange rates. Udemy Business's Annual Recurring Revenue (ARR) also grew by 25% year-over-year to $466.0 million.

Consumer Segment Stability

Udemy Inc's Consumer segment revenue remained stable year-over-year at $74.9 million in the fourth quarter of 2023, including a negligible impact of less than one percentage point from changes in foreign exchange rates. This stability highlights the consistent demand for Udemy’s consumer-oriented educational content.

Net Loss Improvement

Udemy Inc reported a net loss of $20.2 million in the fourth quarter of 2023, which is a significant improvement from a net loss of $52.2 million in the same quarter the previous year. This 61% reduction in net loss reflects Udemy's enhanced operational efficiency and cost management strategies.

Share Repurchase Program

Reflecting confidence in its financial health and future prospects, Udemy Inc's Board of Directors approved the company's first share repurchase program. Under this program, Udemy is authorized to repurchase up to $100 million of its common stock, which may be conducted through open market or privately negotiated transactions in accordance with SEC regulations.