Yesterday, Coursera published its second quarterly report of the year (the Form 8-K), giving a glimpse into the company finances for Q2 2021. Compared to Q1 2021, revenue grew from $88.4 million to $102.1 million.

In their Q1 report, Coursera expected their Q2 revenue to be in the $89–93 million range. For Q3, they predict revenue in the $105–109 million range.

But the revenue gain came at a much bigger loss. In Q2 2021, Coursera lost $46.4 million, compared to $18.7 million in Q1 2021 and $13.9 million in Q2 2020.

To explain the losses and why markets didn't care:https://t.co/ZG7GXHcBhx

Most of that is due to $39m stock-based comp showing up in Q2 GAAP, but not in pro forma

— Phil Hill (@PhilOnEdTech) August 4, 2021

The majority of the revenue increase over Q1 2021 came from its consumer segment, which grew from $51.9 million to $62.0 million. In the same interval, the enterprise segment grew from $24.5 million to $28.2 million.

Another interesting thing Class Central noticed is that, though the number of students enrolled in Coursera’s degrees increased from 13,493 to 14,630 between Q1 and Q2 2021, their degree segment revenue decreased from $12.1 million to $11.9 million.

Put differently, Coursera’s revenue per degree student has decreased. Coursera has over 30 online degrees on its platform, but no new degrees were announced in Q2 2021.

Below is an overview of how Coursera’s degrees have performed over the years (from their S-1).