Udemy (NASDAQ: UDMY) has just made a significant announcement regarding its financial strategy. The company's board of directors has approved a share repurchase program, allowing for the purchase of up to $50 million of the company's common stock, effective immediately.
Hugo Sarrazin, Udemy's president and CEO, expressed confidence in the company's position to lead the upskilling revolution, citing the growing demand for continuous learning and skill development across various industries. This move reflects the board's strong conviction in Udemy's ability to capitalize on this growth opportunity while delivering returns to shareholders.
The timing and amount of shares to be repurchased will be determined by the company's management based on market conditions and other factors, and may be acquired through various means in compliance with regulations. Additionally, the board of directors has authorized the establishment of trading plans to facilitate the repurchase of outstanding shares at opportune times.
Udemy, an AI-powered skills acceleration platform, is known for transforming how companies and individuals worldwide build the capabilities needed to thrive in a rapidly evolving workplace. The company's enterprise solutions are relied upon by numerous organizations, including Ericsson, Samsung SDS America, ON24, Tata Consultancy Services, the World Bank, and Volkswagen, to scale workforce development and empower individuals to develop relevant technical, business, and soft skills.
The announcement of this share repurchase program underscores Udemy's commitment to its financial strategy and its confidence in its future growth prospects. The market has reacted to these announcements by moving the company's shares -2.91% to a price of $6.67. For the full picture, make sure to review Udemy's 8-K report.
