Business
Udemy Reports Third Quarter 2021 Results
Udemy Business Revenue Up 84% Year over Year, With ARR of $207 Million SAN FRANCISCO, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading
About this update from Udemy, Inc.
[{"type":"text","content":"Udemy Business Revenue Up 84% Year over Year, With ARR of $207 Million\nSAN FRANCISCO, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the third quarter ended September 30, 2021. “We’re proud of our progress this quarter in carrying out our mission of connecting people everywhere with the knowledge and skills needed to succeed in a changing world,” said Gregg Coccari, chief executive officer. “Our differentiated marketplace model enables us to continuously deliver high-quality and relevant content across in-demand skills in local languages to our global customers. As a result of increasing demand for upskilling and reskilling in workplaces around the world, revenue for Udemy Business grew 84% year over year and ending ARR exceeded $200M. As learners, instructors, and companies face an accelerating pace of change, Udemy is well-positioned to provide the critical skills people need to succeed in today’s workplace.” “We are very pleased with the results in the quarter, particularly with the strong performance of Udemy Business, where more than 9,500 businesses and their employees turned to Udemy to help them upskill and reskill,” said Sarah Blanchard, chief financial officer. “Our overall revenue was up 9% year over year, despite our consumer business facing an extraordinary year-over-year comparison given accelerated growth during the early waves of the pandemic last year. We are excited about the future as we continue to execute against our huge global market opportunity.” Third Quarter 2021 Financial Results and Key Operating Data: Revenue totaled $129.6 million, up 9% year over year.GAAP net income (loss) was ($9.3 million) compared to $1.9 million in the third quarter of fiscal 2020. GAAP net income (loss) per share was ($0.25), compared to $0.05 in the third quarter of fiscal 2020.Non-GAAP net income (loss) was ($1.7 million) compared to $4.7 million in the third quarter of fiscal 2020. Non-GAAP net income (loss) per share was ($0.04) compared to $0.14 in the third quarter of fiscal 2020.GAAP gross profit was $71.6 million, compared to $69.5 million in the third quarter of fiscal 2020.Non-GAAP gross profit was $72.2 million, compared to $69.6 million in the third quarter of fiscal 2020.Adjusted EBITDA was $1.6 million, compared to $8.1 ...