Singapore, August 23, 2024 / PRNewswire / - Recently, 51Talk Online Education Group ("51Talk" or "the Company") (NYSE stock code: COE) announced its unaudited financial report for the second quarter ended June 30, 2024.

During the reporting period, the net cash revenue for the second quarter of 2024 was $15.86 million, an increase of 26.3% compared to the previous quarter, and a year-on-year increase of 61.3%. Net income reached $11 million, an increase of 16.0% compared to the previous quarter, and a year-on-year increase of 75.1%. The number of active students who actually consumed courses was approximately 54,400, an increase of 83.2% compared to the second quarter of 2023.

"We achieved strong growth in the second quarter, exceeding our expectations, and we expect to continue this momentum in the foreseeable future, as reflected in our outlook for the third quarter." said Huang Jiajia, founder, chairman and CEO of 51Talk.

"Our strategic investments cover a diversified portfolio of markets and are producing positive results, driving us towards our goal of becoming a global leader in educational technology companies. Through our localization efforts, we have gained a deeper understanding of each market, enabling us to meet specific local needs. This approach has improved the market fit of our products. In addition, we are actively exploring new market opportunities that align with our strategic direction and existing products."

Huang Jiajia summed up: "Our strategy is based on local demand and global expansion supported by artificial intelligence. We make targeted investments to improve team efficiency and local customer experience, aiming to increase customer retention and referral rates."

By attracting local talent and expanding the market from a local perspective, 51Talk takes localized talent as the first step in its localization strategy, drawing on the localized business perspectives and operational concepts of local employees to accelerate the development of the local market and provide high-quality services.

Product localization is done to adapt to local market demands. Different countries have different customs, habits, and cultures, and the emphasis on product performance requirements also varies. 51Talk gains deep insights into the characteristics of the local market and the needs of local customers, increases research and development innovation investment, designs and produces products that are localized, shortens the cycle to reach the hearts and minds of local users, and meets the needs of local customers. In countries like Southeast Asia, in order to cultivate young children's interest in learning English, they have developed interesting and gamified course designs, which are highly favored by local customers. By integrating their course products with industry-leading artificial intelligence technology, 51Talk provides a more interesting and interactive online English learning experience for young children, greatly expanding the range of products and courses offered by 51Talk.

Service localization is focused on meeting customer demands. 51Talk focuses on the needs of local customers for service quality, continuously optimizes the local service system, and ensures a seamless connection between demand and service. So far, 51Talk has reached students from 50 countries and regions around the world.