Q2 2024 51Talk Online Education Group Earnings Call Transcript
Key Points
- Achieved strong growth in Q2, exceeding guidance.
- 75.1% increase in net revenues from the same quarter last year.
- Gross margin for the second quarter was 78.1%.
- Gross billings grew by 61.3% from the same quarter last year.
- Strategic investments in diverse markets are yielding positive results.
- Q2 operating expenses increased by 39.7% compared to the same quarter last year.
- Sales and marketing expenses rose by 43.6% due to higher personnel costs.
- Product development expenses increased by 22.6% from the same quarter last year.
- General and administrative expenses increased by 35.8% from the same quarter last year.
- Overall Q2 operating loss was USD2.4 million, and net loss was USD1.3 million.
Hello, ladies and gentlemen. Thank you for standing by for 51Talk's Online Education Group's second quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded.
I will now turn the call over to your host, Mr. David Chung, Investor Relations for the company. Please go ahead, David.
Hello, everyone, and welcome to the second quarter 2024 earnings conference call of 51Talk. The company's results were issued by Newswire services earlier today and are posted online. You can download the earnings press release and sign up for the company's distribution list by visiting ir.51talk.com.
Mr. Jack Huang, our CEO; and Ms. Cindy Tang, our CFO, will begin with some prepared remarks. Following the prepared remarks, there will be a Q&A session.
Before we continue, please note that the discussion will contain forward-looking statements made under the safe harbor provisions of the US Private
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