BEIJING, Sept. 16, 2020 /PRNewswire/ -- China Online Education Group ("51Talk" or the "Company") (NYSE:COE), a leading online education platform in China, with core expertise in English education, recently released its second quarter 2020 financial results, achieving gross billings of RMB676.4 million, net revenue of RMB493.5 million (an increase of 40% year-over-year), and operating cash flow of RMB172.1 million.
Aggressive expansion and partnerships opened new opportunities for Filipinos away from city centers
Since first established, 51Talk has carried out localized operations in the Philippines, and over the past nine years, has built a community of over 24,000 high-quality Filipino online teachers. To further advance the online English teaching industry in the Philippines, 51Talk has continuously intensified its local operations. It has successively set up ten operating centers in areas such as Manila, Baguio and Davao City, that in most cases house more than 1,000 online teachers.
On September 2nd, 51Talk released the enterprise standard of 51Talk Online Education Service, which proposed the 5A evaluation dimension of a good foreign teacher; each teacher shall be carefully selected according to five aspects: able, accredited, articulate, approachable and accommodating, which will ensure the desired characteristic teaching result.
With the help of the 51Talk platform, a large number of highly qualified and well-educated Filipinos have connected with Chinese students, which has effectively provided thousands of livelihood opportunities. It is reported that nearly 93% of Filipino teachers in 51Talk have a bachelor's degree, more than 7% have a master's degree, most of whom majored in education, communications and/or linguistics.
In addition, 51Talk has also partnered with the Department of Information and Communications Technology of the Philippines for the implementation of its E-Education Platform Digital Job Training Program, which has created strong awareness about digital employment opportunities especially for people in the countryside where access to jobs are limited. In collaboration with the National Library of the Philippines, 51Talk has activated more than 1,000 public libraries across the country to provide livelihood training. 51Talk also has partnerships with schools and universities in the Philippines to upskill our staff to navigate online teaching even more effectively.
Teaching English online now a mainstream livelihood thanks to 51Talk
With the efforts of 51Talk in heavily promoting online English teaching as both rewarding and an excellent source of income, more Filipinos have become aware of this home-based online teaching opportunity. For example, one notable 51Talk promotional campaign was the introduction of Miss Universe 2015 Pia Wurtzbach as its brand ambassador, which strengthened its visibility and position as a top foreign enterprise in the Philippines.
Online English teaching has steadily grown as a mainstream and popular livelihood amongst young people in the Philippines. Its popularity expanded even further this year after the pandemic impacted many industries. This prompted the platform to launch a campaign to attract 30,000 online English teachers in 2020. With better flexibility, competitive pay and a more comfortable and safer environment at home, the online English teaching industry has helped improve the livelihood situation of thousands of Filipinos. Being an online English teacher has proven to be a resilient, secure and sustainable career choice in the long run.
Online English teaching has a bright future as China's thirst for English education expands
Relying on high-quality Philippine education resources, 51Talk has performed outstandingly in China's K-12 online education market. Consequently, it has been able to achieve another financial breakthrough this quarter, maintaining its leading position in market share and seeing the number of active users reaching new highs.
According to a report published by K-12 Online English One-on-One User Trend Research, 51Talk ranks first in terms of market share and teaching effectiveness. Since the beginning of this year, Chinese users' awareness of online education and usage rates of related apps have been on the rise. 51Talk's recent financial report shows the number of active students increased from 233,400 to 298,200 this quarter, marking a 27.8% year-over-year jump.
With the accelerated expansion of the overall online education market, 51Talk is expected to continue leading the K-12 online education industry. With the increasing demand for high-quality English language education, 51Talk will require even more Filipino teachers to provide high-quality lessons.
"51Talk is pleased with the overall performance of its platform as reflected in its Q2 financial report. We owe this success to everyone working hard at 51Talk and to our community of over 20,000 online English teachers in the Philippines who continue to be trusted and reliable partners," said 51Talk Founder and CEO Jack Huang, "51Talk will continue to build a model for Sino-Philippines education cooperation that will usher in a new chapter in cultural exchanges and educational cooperation between the two countries."
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