The aim of the article is to report on how the COVID-19 pandemic influenced education quality and learning efficiency in universities in the Republic of Armenia. A survey was administered to 783 students and 169 academic staff members at one of the universities in Armenia. Results indicate that both students (73%) and academic staff (54%) preferred offline (classroom) learning. The level of satisfaction with the effectiveness of online learning among academic staff was higher (65%) then among students (54%). The survey revealed some positive sides of online learning, connected with being able to record lessons; time flexibility; savings of time and money on transportation; and computer skills development. However, online learning has many negative sides, including being more tedious and stressful; lacking face-to-face communication and socialisation; a lack of control; leading to a competitive environment among students; difficulty in using interactive methods; and technical issues can occur frequently. The findings may be useful for universities in small, developing countries seeking to improve their online learning and education quality.