Poike/iStock via Getty Images
Poike/iStock via Getty Images
Online course provider Udemy’s (NASDAQ:UDMY) stock is a rare gainer on Thursday.
The San Francisco-based education company posted a lighter loss than expected while revenue rose above estimates set ahead of the quarter. The growth was carried by strong growth in business education, with total customers in the segment growing 49% year over year.
“One of our core values at Udemy is to be both mission-inspired and results-obsessed. This quarter’s performance proves we can be both, with revenue exceeding expectations on the back of strong Udemy Business growth,” CEO Gregg Coccari said. “We’re just getting started, and I’m excited for the opportunity ahead.”
The company was particularly aided by the sale of certain businesses in South Korea and China, pushing the bottom line closer toward a break-even point. The sale is encouraging because of the successive crackdowns on online education in China as of late.
Shares rose nearly 14% at mid-day, leading the consumer defensive sector.
Read more on issues for online education in China.
