Coursera Reports Q3 Results and Project Helix Progress
Coursera reported Q3 2026 revenue of $376.7 million and adjusted EBITDA of about $62 million, both above expectations, but shares fell roughly 8% after hours as guidance disappointed. Reported revenue rose 94%, largely because Udemy was consolidated from May 11, while organic revenue declined about 3%; the quarter also included roughly $10 million in quarterly purchase-accounting benefits. Coursera said its AI-native adaptive skills platform, Project Helix, is planned for broad enterprise availability in the first half of 2027, while GenAI course registrations rose from 25 per minute in 2025 to more than 40 per minute in 2026.
The results show how the Udemy merger is lifting Coursera’s reported scale while weak organic growth, subdued guidance and purchase-accounting effects complicate the underlying performance, alongside a concrete timeline for its AI-native learning platform.
AI抬高学习门槛，并不会消灭学习需求。
10月28日，美国在线教育公司Coursera（NYSE:COUR）发布了2026年第三季度财报。这是该公司完成与Udemy合并后的首个完整季度，营收与调整后EBITDA均超出市场预期，但下季度指引不及预期，导致股价盘后下跌。
Coursera2026年第三季度营收为3.767亿美元，同比增长94%，超出市场预期2.2%。营收的大幅增长主要来自2026年5月11日起并入的Udemy业绩；若剔除并购影响，内生口径下营收实际同比下降约3%。
GAAP净亏损为2560万美元，较上年同期的860万美元亏损明显扩大；GAAP每股亏损为0.10美元，上年同期为0.05美元。调整后每股收益为0.21美元，超出市场预期16.9%。
财报发布后，Coursera股价盘后下跌约8%至4.27美元。市场担忧的核心在于：虽然合并带来了显著的营收增长和利润率改善，但内生增长动力（尤其是消费者业务）仍然疲软，且短期指引未能展示出足够的复苏迹象。
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