Why Is Udemy Stock Up 8% Today?

Udemy Inc UDMY shares are trading higher Thursday after the company reported better-than-expected financial results.

Udemy said second-quarter revenue jumped 21% year-over-year to $153.1 million, which beat average analyst estimates of $149.95 million, according to data from Benzinga Pro.

The company reported a quarterly adjusted earnings loss of 10 cents per share, which beat average analyst estimates for a loss of 16 cents per share.

"Udemy is disrupting learning through our unparalleled platform and rapidly scaling SaaS business," said Gregg Coccari, chairman and CEO of Udemy.

Udemy expects third-quarter revenue to be in a range of $153 million to $157 million versus the estimate of $156.04 million. The company expects full-year revenue to be in a range of $615 million to $640 million versus the estimate of $625.01 million.

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Keybanc analyst Jason Celino maintained Udemy with an Overweight rating and raised the price target from $15 to $16 following the company's results.

Piper Sandler analyst Arvind Ramnani maintained Udemy with a Neutral rating and raised the price target from $11 to $13.

UDMY Price Action: Udemy has a 52-week high of $19.78 and a 52-week low of $9.46.

The stock was up 8.26% at $13.37 at press time, according to Benzinga Pro.

Photo: Steven Weirather from Pixabay.