SINGAPORE, December 18, 2023/PRNewswire/ -- Recently, 51Talk Online Education Group (“51Talk” or the “Company”) (NYSE US stock code: COE) announced its unaudited financial report for the third quarter ended September 30, 2023.
During the reporting period: Total revenue for the third quarter of 2023 was $10.9 million, close to the upper limit of expectations, up 11.3% month-on-month. Net income reached $7.8 million, up 23.8% month on month and 70.4% year over year. The number of active students who actually consumed the course was approximately 36,000, an increase of 84.6% from 19,500 in the third quarter of 2022.
“Total revenue continued to grow in the third quarter, reaching the upper limit of the guidance value. This quarter, we focused on growth activity in selected markets, which we believe have significant potential and could benefit from a first-mover advantage. In fact, we are continuing our localization process to better adapt to local audiences.” Mr. Huang Jiajia, founder and chairman of 51Talk, said.
“Although we are still in an expansion model, we have achieved positive cash flow. Our cash balance increased by $1.2 million compared to the previous quarter. We remain committed to this approach to sustainable growth.” Mr. Huang concluded.
Absorbing local talents and expanding the market from a localized perspective, 51Talk takes talent localization as the first step in a localized business strategy, establishes “bases” such as branches and offices in various countries overseas, forms local professional teams, draws on the localized business perspectives and business philosophy of local employees, accelerates the development of local markets and develops quality services.
Product localization to meet local market needs. There are many differences in customs, customs, culture, etc. in different countries, and the focus on product performance requirements is not the same. 51Talk deeply understands the characteristics of the local market and the needs of local customers, increases investment in R&D and innovation, designs and produces products adapted to localization, shortens the cycle of reaching the minds of local users, and meets the needs of local customers. In Southeast Asia and other countries, in order to cultivate younger children's interest in learning English, fun and gamified course designs have been specially developed, and the products are popular among local customers. Integrating its curriculum products and industry-leading artificial intelligence technology, it provides younger children with a more fun and interactive online English learning experience, greatly expanding 51Talk's product and course portfolio.
Localization of services, integration of quality and efficiency to solve customer needs. 51Talk focuses on the quality of service needs of local customers, continuously optimizes the local service system, and promotes a seamless connection between demand and service. Up to now, the overseas students of 51Talk's international business have covered 50 countries and regions around the world.