Massive open online course provider Coursera has reported a net loss of $18.7 million for the first quarter of its 2021 fiscal year, compared to a net loss of $14.3 million reported for Q1 2020.

The Mountain View California-based company reported quarterly revenue of $88.4 million, up 64% from the $53.8 million reported for the first quarter of last year.

Coursera’s quarterly loss represented 21.1% of its revenue, compared to 26.6% in Q1 2020.

Coursera’s chief executive Jeff Maggioncalda said: “The Covid-19 pandemic has dramatically changed the way we learn, teach, and work. Our strong first-quarter performance reflects the continued trend of individuals and institutions embracing online learning to develop skills for a digital future. We believe the digital transformation of higher education is only in the early innings, and we see many opportunities to drive growth for Coursera in the years ahead.”

Coursera floated its shares on the New York Stock Exchange in March, raising more than $500 million.

Date published: 5 May 2021

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