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ûdemy Udemy Reports Third Quarter 2021 Results December 8 , 2021 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 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 million in the third quarter of fiscal 2020 . • Consumer revenue totaled $ 79.2 million , down ( 13 % ) year over year . • Udemy Business revenue totaled $ 50.4 million , up 84 % year over year . • Consumer segment monthly average buyers was 1,263 thousand , down ( 6 % ) year over year . • Udemy Business segment annual recurring revenue was $ 207.4 million , up 80 % year over year . • Udemy Business total customers was 9,592 as of September 30 , 2021 , up 42 % year over year . • Udemy Business net dollar retention rate was 118 % compared to 119 % in the third quarter of fiscal 2020 . • Consumer segment gross profit was $ 42.0 million compared to $ 53.3 million in the third quarter of fiscal 2020 . ● Udemy Business segment gross profit was $ 32.9 million compared to $ 18.2 million in the third quarter of fiscal 2020 . Third Quarter Highlights : • Added new Udemy Business customers across key verticals including Alcoa , Mitsubishi Chemical , and Carvana , a leading e - commerce platform for buying and selling used cars . Notable expansions included Computacenter PLC , Michelin ( Manufacture Francaise des Pneumatiques Michelin ) , Momentum Metropolitan , and Mercado Libre . • Launched Udemy Business Pro , which features labs and assessments in a number of technology verticals and acquired CorpU , which specializes in cohort - based leadership training for Fortune 500 companies . • Incorporated new machine learning capabilities to enhance search functionality , provide even more personalized recommendations to individual learners , and improve conversion and retention within the consumer business . Expanded international rea via key partnerships , including launching partnerships with Woongjin ThinkBig , one of the largest Korean education companies , Sanjieke in China , and MultiChoice Group in Sub - Saharan Africa . • Ranked by Sustainalytics in the first percentile for ESG risk ratings in the Internet Software and Services sub - industry as of July 2021 . • Continued to fulfill a commitment to democratizing education globally with millions of users accessing more than 18,000 free courses on Udemy . • Completed an Initial Public Offering on the NASDAQ stock market , raising more than $ 400 million in proceeds . 2021 Financial Outlook : Udemy provides guidance based on current market conditions and expectations ; actual results may differ materially . Please refer to the comments below regarding forward - looking statements . The table below reflects Udemy's financial outlook for its fourth quarter and fiscal year ended December 31 , 2021 :