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Duolingo stock gains 8% after narrower-than-expected loss for company

Economy, Finance

Shares of Duolingo Inc. rose more than 8% in the extended session Wednesday after the language-learning app company reported a narrower-than-expected loss and sales that were above Wall Street expectations. Duolingo said it lost $29 million, or 98 cents a share, in the third quarter, compared with a net loss of $3.2 million, or 25 cents a share, in the prior-year quarter. The company pinned the wider loss on costs related to its IPO in July. Revenue rose 40% to $63.6 million, the company said. Analysts polled by FactSet expected Duolingo to post a loss of $1.02 a share on sales of $61 million. The stock ended the regular trading day up 0.9%. “Our performance during the third quarter was exceptional. We achieved record bookings and a record number of paid subscribers, with monthly and daily users also reaching all-time highs,” co-founder and Chief Executive Luis von Ahn said in a statement.

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