Some companies are exploring entirely new markets: from hardware sales to TikTok e-commerce.

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On Feb 5, 2026, Coursera released its Q4 2025 results. It was the first report since announcing the Udemy merger, which Dhawal Shah, Class Central founder, recently analyzed (in 5000+ words!). Coursera’s stock barely moved after the announcement and is currently at ~$6, down 87% from its opening day price in 2021. Here’s a quick review of its last 2025 quarter. More Users, Struggling Segments Coursera’s Q4 revenue was ~$197M, up 10% YoY, but growth has been flat since Q2. Consumer revenue saw

Subscriber growth and revenue are accelerating even as revenue per user declines. Udemy built its empire on a simple idea: anyone could create a course, and anyone could buy one. That marketplace model made Udemy famous and made millionaires out of its top instructors. Now the company is deliberately killing it. In Q3 2025 earnings call, Udemy’s CFO admitted they are “intentionally reducing” single course sales to push users toward subscriptions. The logic is straightforward: Udemy keeps 82.5%