Update (April 2026): On April 9, shareholders of both companies voted overwhelmingly to approve the merger — 99.4%% at Coursera, 99.9%% at Udemy. The deal is expected to close in the second half of 2026. I also dug into the 300-page merger prospectus and found that Coursera approached Udemy three times over two years before getting a yes, and that Pluralsight’s owner made a competing cash offer. Read the full merger history. TL;DR Coursera is acquiring Udemy in an all-stock deal worth ~$1.8 b

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

TL;DR Duolingo reported Q4 2025 revenue of $282.9 million (+35% YoY), closing its first billion-dollar year, breaking estimates again. The stock dropped 22.5% anyway. Again. The company plans to slow down monetization to grow to 100 million DAUs until 2028, by focusing on teaching quality, giving more to free users, and growing non-language courses. Duolingo’s Q4 2025 results confirmed something we highlighted in its 2025 review: growth is slowing. The company crossed a billion dollars in r

In 2025, Udemy hit its first profitable year, but its Q4 2025 ended in a loss. A few days after announcing the numbers, the stock reached an all-time low. The company didn’t have an earnings call, nor did it release an investor presentation because of its pending merger with Coursera. The earnings call would have been helpful to break down the numbers, since the numbers look bleak from an investor’s perspective. The overall revenue has fallen for the first time since the company went public, a

TL;DR  On the surface, Miro acquired an online learning platform. In reality, it acquired two founders, three AI products, and a team that shipped five products in nine months. Reforge Learning stays as a standalone brand. But its Insights, Research, and Build solutions integrate into Miro’s platform. Brian Balfour joins as Chief Growth Officer and Tom Willerer as Chief Strategy Officer.   When I first read that Miro acquired Reforge, I presumed Miro wanted to get into edtech. After all, M

Both Coursera and Udemy started 2025 with new CEOs. Greg Hart took over at Coursera in February. Hugo Sarrazin started at Udemy in March. Less than a month into the job, both CEOs were in conversations to sell their companies. On April 8, Hart and Sarrazin met for the first time at ASU+GSV. The rest, as they say, is history. In my 5,000-word analysis of Coursera’s acquisition of Udemy, I called the deal rushed. Two new CEOs, both less than a year into the job, merging two public companies. I w

TL;DR Duolingo is targeting 100 million DAUs by 2028. It took the company 13 years to get its first 50 million DAUs. The new strategy includes more AI features for free users, deeper language courses, and growth of Chess, Math, and Music. But the strategy sacrifices short-term growth for long-term results, and von Ahn is calling 2026 its investment year without significant results.   It took Duolingo 13 years to get 50 million DAUs. CEO Luis von Ahn wants to double it in three years. For yea

In 2021, edX was acquired by 2U for $800M, stopped being a nonprofit, and the 2U integration has begun.

In 2021, FutureLearn gained 2M learners, appointed a new CEO, and introduced close to 100 ExpertTracks.