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Udemy is “Intentionally Reducing” the Business That Made It Famous. It’s Not Working.
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%
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Udemy Q4 2025: First Profitable Year Ends in a Loss
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
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