In the last two quarters, as soon as Coursera announced their results, their stock dropped by 10% and 20% respectively. This time, it jumped up 15% (the stock is still down 50% this year).

In 2022 Q3, Coursera’s revenue grew to $136.4 million, compared to $109.9 million a year ago and $124.8 million in 2022 Q2. The company lost $36 million, compared to $32.5 million a year ago.

Usually, Coursera adds 5 million learners every quarter, but this quarter, they added 6 million and saw their consumer revenue jump from $69.7 million in Q2 to $78 million in Q3. The total number of learners has increased to 113 million.

In 2022 Q2, Coursera’s degree revenue dropped to $11.4 million, compared to $13.3 million a quarter ago, even as the number of degree students jumped to 17,460, from 16,481 a quarter ago.

The drop was attributed to lower student activity — that is, students are taking fewer credit hours per semester, which effectively results in lower revenue. In Q3, the story is similar. The number of students increased slightly to 17,723, but revenue dropped further to $10.3 million.

Coursera is on track to reach a revenue in the  $517–521 million range in 2022, compared to $415 million in 2021. To learn more about Coursera’s 2021, read Class Central’s analysis of their annual report.