SINGAPORE, March 22, 2024/PRNewswire/ -- Recently, 51Talk Online Education Group (“51Talk” or the “Company”) (NYSE: COE) announced its unaudited financial report for the fourth quarter ended December 31, 2023.
During the reporting period: Total revenue for the fourth quarter of 2023 was US$11.1 million, up 47.0% year over year. Net revenue reached $7.7 million, up 51.6% year over year. The number of active students who actually consumed courses was around 40,500, a 77.6% increase from 22,800 in the fourth quarter of 2022.
“While FY2023 is our second year of global expansion, it is the first year we are fully committed to building a solid foundation for our global business and penetrating selected markets. Financially, this is the first year for four consecutive quarters that 100% of our revenue comes from the international market, and we will continue to implement our localization strategy.” Mr. Huang Jiajia, founder, chairman and CEO of 51Talk, said.
“In fiscal year 2023, we had more than 50,000 active students and a total revenue of $40 million, which is incomparable compared to less than $1 million two years ago. Looking ahead to 2024, we will continue to increase our localization efforts in selected markets, which we believe have huge growth potential and we will benefit from a first-mover advantage.
On the technical side, our extensive efforts to deploy artificial intelligence tools to improve the efficiency of human teachers have begun to bear fruit. Our teachers and learning advisors can obtain more comprehensive and accurate quantitative student assessments and use this to tailor students' learning paths. Additionally, we provide teachers with a range of tools to interact more effectively with students and provide a better learning experience. As a result, our students will get more personalized exercises, be exposed to more immersive interactions, and benefit from more accurate assessments.” Mr Wong concluded.
Recruit local talent and expand the market from a local perspective. 51Talk takes localization of talents as the first step in a localized management strategy. It establishes “bases” such as branches and offices in various countries where it has gone overseas, formed local professional teams, drew on the localized business perspectives and business philosophy of local employees, and accelerated the development of local markets and high-quality services.
Product localization to meet local market needs. Different countries have very different customs, customs, culture, etc., and the focus on product performance requirements is not the same. 51Talk has deep insight into the characteristics of the local market and local customer needs, increases investment in R&D 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 the interest of younger children in learning English, a fun and gamified course design has been specially developed, and the products are popular among local customers. Integrating its curriculum products with industry-leading artificial intelligence technology, it provides a more fun and interactive online English learning experience for young children, greatly expanding 51Talk's product and course portfolio.
Service localization, integrating quality and efficiency to solve customer needs. 51Talk focuses on the needs of local customers for service quality, continuously optimizes the local service system, and promotes a seamless connection between demand and service. Up to now, 51Talk's international business students have covered 50 countries and regions around the world.