Singapore, December 13, 2024 /PR Newswire/ -- Recently, 51Talk Online Education Group ("51Talk" or "the Company") (NYSE code: COE) announced its unaudited financial report for the third quarter ending September 30, 2024.

During the reporting period: The net cash income for the third quarter of 2024 was $19.8 million, a 24.6% increase month-on-month and an 80.7% increase year-on-year. Net income reached $14 million, a month-on-month increase of 28.2% and a year-on-year increase of 79.4%. The number of active students consuming actual courses was approximately 65,700, up 82.5% from 36,000 in the third quarter of 2023.

"We continued to grow in the third quarter, with net cash income again exceeding our expectations. Looking ahead, we are confident in maintaining our growth momentum. We will continue to commit to the localization strategy and actively seek opportunities to expand services to existing students," said Huang Jiajia, founder, Director, and CEO of 51Talk.

"We have been pursuing sustainable business growth. Specifically, we maintained an upward trend in operating cash flow. This is reflected in the improvement of cash balances this quarter, and we expect this positive trend to continue in the future."

Huang Jiajia summarized: "In this quarter, the accelerated application of AI has become an important driving force for our group. We have observed improvements in client conversion rates, mentor management, and student classroom experience due to AI technology. Our deep understanding of customer needs, combined with the strategic implementation of AI technology, aligns with our goal of becoming a Global leading Education Technology company."

By attracting local talent and expanding the market from a localized perspective, 51Talk takes talent localization as the first step of its localized operation strategy, drawing on the local business perspective and operational philosophy of local employees to accelerate the exploration of local markets and deliver quality services.

Product localization to meet local market demands. The customs, habits, and cultures of different countries vary greatly, and thus product performance requirements also differ. 51Talk deeply understands local market characteristics and local customer needs, increasing R&D innovation investment to design and produce products that fit local demand, shortening the time to reach local users' mindset, and fulfilling local customer needs. In countries like Southeast Asia, special courses designed to cultivate younger children's interest in learning English have been developed, which focus on fun and gamified course designs and are favored by local customers. By integrating its course products with industry-leading AI technology, 51Talk has provided a more interesting and interactive online English learning experience for young children, greatly expanding its product and course offerings.

Service localization for effective solutions to customer needs. 51Talk focuses on local customers' demands for service quality, continuously optimizing the local service system to ensure seamless connection between demand and service. As of now, 51Talk's overseas students already cover 50 countries and regions worldwide.