Welcome to our dedicated page for Udemy news (Ticker: UDMY), a resource for investors and traders seeking the latest updates and insights on Udemy stock.
Udemy, Inc. (Nasdaq: UDMY) is a renowned global marketplace dedicated to online learning and teaching. The platform connects more than 24 million students with an extensive library of over 80,000 courses, delivered by expert instructors in more than 50 languages. Udemy caters to both professional development and personal enrichment needs, offering self-paced, on-demand courses that enable learners to master new skills at their convenience.
For enterprises, Udemy for Business provides a subscription-based service that grants access to a diverse range of business-relevant courses. Companies can also use the platform to host and distribute their own training content. This dual offering positions Udemy at the center of a dynamic knowledge network, facilitating effective skill acquisition and development with exceptional flexibility.
The company operates under two primary segments: Consumer and Enterprise, with the latter generating the majority of its revenue. Geographically, North America represents Udemy's largest revenue source. Leveraging cutting-edge technology, data insights, and an intelligent skills platform, Udemy ensures a superior learning experience for individuals and organizations alike.
Recent Achievements and Projects:
- Launch of new offerings aimed at bridging skills gaps more swiftly and enhancing learning outcomes.
- Authorization of a $100 million share repurchase program, reflecting strong confidence in the company’s future prospects by the Board and management.
- Insightful reports highlighting emerging trends and demands in technical and business skills among nearly 16,000 Udemy Business customers globally.
Financial Performance:
In the first quarter of 2024, Udemy exceeded its financial guidance for both the top and bottom lines. The company reported significant progress in establishing its Intelligent Skills Platform, which facilitates personalized and immersive learning experiences. Udemy also expanded its share repurchase program by an additional $50 million, underscoring its commitment to shareholder value and long-term growth.
Strategic Partnerships: Udemy partners with various industry leaders, including Fender, Glassdoor, On24, The World Bank, and Volkswagen, to provide comprehensive learning solutions that meet evolving workplace demands.
Headquartered in San Francisco, Udemy maintains offices in diverse locations such as Dublin, Ireland; Ankara, Turkey; and São Paulo, Brazil, ensuring a global reach and presence.
Udemy's Q2 2024 Global Workplace Learning Index reveals key trends in corporate learning. Problem-solving, teamwork, and change management emerged as top professional skills, highlighting the importance of soft skills in navigating tech-driven changes. IT certification preparation courses saw high demand, with 11 million learner enrollments over the past year. Generative AI course consumption increased by 37%, while ChatGPT courses rose by 40%.
Organizations are investing in Diversity and Inclusion courses, with a 12% increase overall and a 31% surge in the manufacturing sector. This focus aligns with Udemy's research showing that 67% of employees believe a skills-based approach improves workplace fairness. The report underscores the shift towards skills-based talent management and the critical role of upskilling in addressing global skills gaps.
Udemy (UDMY) reported Q2 2024 results, with revenue at the high-end of guidance and exceeding Adjusted EBITDA expectations. Key highlights include:
- Revenue increased 9% YoY to $194.4 million
- Udemy Business revenue grew 19% YoY to $120.6 million
- Adjusted EBITDA of $5.5 million, up from $1.9 million in Q2 2023
- Achieved milestone of one billion course enrollments
The company announced a strategic shift to focus on large enterprise customers, targeting $130-$150 million Adjusted EBITDA for FY 2026. Udemy is implementing cost-saving measures and expects at least $25 million in annualized structural cost-savings. The company also continued its $150 million share repurchase program, buying back 3.8 million shares for approximately $35 million in Q2.
Udemy has launched a new course, 'Ultimate AWS Certified AI Practitioner AIF-C01', created by instructor Stephane Maarek. This course aims to prepare professionals for the new AWS Certified AI Practitioner exam, focusing on generative AI (GenAI), AI, and machine learning (ML) concepts. The launch comes as demand for GenAI content surges on Udemy's platform, with a 21% increase in GenAI course consumption reported in Q1 2024.
Key highlights include:
- Over 4 million enrollments in GenAI courses in the past year
- 11 million enrollments in IT certification preparation courses, with 2.5 million for AWS certifications
- 3.3 million enrollments in ChatGPT-related courses since December 2022
The new course covers GenAI and AI/ML concepts, teaching learners to identify AI application opportunities and use AI tools responsibly.
Udemy has launched a new course led by McLaren Racing executives, offering insights into fostering high-performance cultures. The course, 'Accelerating Excellence: Unleashing High-Performance Culture with McLaren Racing', addresses modern work challenges and emphasizes continuous improvement and inclusivity. Key themes include decision-making under pressure, leveraging marginal gains, and prioritizing team wellbeing.
The course is available to over 70 million learners across Udemy's platforms, with subtitles in 14 languages. This initiative is part of Udemy's role as the Official Learning and Skills Partner of McLaren Racing, which includes various skills-oriented events and programs. The partnership aims to empower professionals with insights from the fast-paced motorsports industry, applicable across various sectors.
Udemy (Nasdaq: UDMY) announced it will release its second quarter 2024 financial results after market close on Wednesday, July 31, 2024.
The company will host a live conference call and webcast to discuss these results at 2 p.m. PT / 5 p.m. ET the same day. Access to the live webcast and a recorded replay of the call will be available on Udemy's Investor Relations website. The live call can be accessed toll-free via phone at (833) 630-1963 for domestic callers and (412) 317-5702 for international callers. The webcast replay will remain available for approximately one year.
Udemy (Nasdaq: UDMY) has expanded its Badging and Certification preparation offerings to all learners through its Personal Plan subscription. New features for Udemy Business customers include curated content for third-party certification exams, personalized insights dashboards, and the ability to host and share badges. With over 10 million enrollments in IT certification courses in the past year, Udemy aims to help organizations and individuals validate and showcase their skills. The platform now supports third-party certifications from AWS, Azure, and CompTIA, among others. Udemy's new features also include Badge Upload/Download for skill verification and Badge Insights dashboards for tracking progress, aiding professional development and retention.
Udemy, in collaboration with AWS, announced a new generative AI upskilling program called 'Unlocking GenAI Opportunities with AWS,' designed to equip leaders with GenAI tools and strategies. The six-week cohort program, offered through the Udemy Business Leadership Academy, aims to foster innovation, enhance productivity, and drive revenue growth. Key features include practical exercises using Amazon Bedrock, innovation tournaments, and change management strategies. The program addresses the need for tech-savvy leadership, responsible innovation, and inspirational change management to navigate the digital transformation effectively.
Udemy's latest research report, 'Workplace 2.0: The Promise of the Skills-based Organization,' reveals insights on the shift towards skills-based talent management. Based on a survey of 1,600 professionals, 84% of companies are considering or have started implementing skills-based processes. However, these practices are not deeply integrated across all departments. The study highlights the need for new leadership skills, intentional collaboration, and investments in skills verification. While skills-based strategies promote equity and career advancement, only a small percentage of respondents noticed improved fairness and diversified leadership representation. The report offers practical advice for companies to effectively transition to skills-based approaches.
Udemy, a prominent online learning platform, will participate in two key investor conferences in June 2024. The company will present at the William Blair Annual Growth Stock Conference on June 5 at 10:40 a.m. PT / 1:40 p.m. ET and the BofA Securities Global Technology Conference on June 6 at 9:20 a.m. PT / 12:20 p.m. ET. Both events will be webcast live and accessible through Udemy's investor relations website, with replays available for 90 days.
Udemy (Nasdaq: UDMY) has appointed Rob Rosenthal as Chief Revenue Officer (CRO) effective June 3, 2024. Rosenthal, with over 25 years of software industry experience, will lead Udemy Business, focusing on global enterprise sales strategy and sustainable growth. He previously served as CRO at Bloomreach, where he tripled revenue, and held senior roles at Adobe and SAP, driving significant revenue growth. Udemy aims to leverage Rosenthal's expertise to expand market presence and capture growth opportunities amid increasing global demand for workforce skill development.
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