Here's Why Udemy Stock Was Up Today
Shares of online education company Udemy (NASDAQ: UDMY) were up on Thursday after the company's second-quarter financial results exceeded management's previous guidance and management raised its forward guidance for the rest of the year. As of 1 p.m. ET, Udemy stock was up 10%.
Udemy's marketplace lowers the barrier to entry for course creation -- anyone can create and upload a course to the platform. It's for people who are looking for knowledge, not certificates or degrees. Management thought it would generate $151 million in Q2 revenue at most. But the company generated $153.1 million in Q2, up 21% year over year.
Of particular strength in Q2 was Udemy Business. Companies looking to provide training to their workers can subscribe to Udemy's curated list of user-generated courses. Udemy Business was up a whopping 77% year over year and accounted for 49% of total revenue. In short, it's gaining new enterprise customers and they're spending more on average this year compared to last year. That's a good sign for this high-growth part of the business.
Source Fool.com
