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Posted by
Two Blokes 4 hours ago -
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Stock
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I reiterate my sell rating on Udemy as growth continues to decelerate, confirmed by 1Q25 results and management's cut in FY25 revenue guidance. Despite headline numbers beating expectations, underlying trends in both consumer and enterprise segments worsened, with consumer revenue falling 8.3% y/y and enterprise growth slowing. Udemy Business is increasingly reliant on gross customer additions, with declining expansion activity and a challenging macro environment impacting renewal rates and overall growth.
