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Duolingo stock rallies more than 10% as results top Street view, outlook hiked

Duolingo Inc. shares rallied in the extended session Thursday after the language-learning platform reported quarterly results that topped Wall Street expectations and hiked its outlook.

Duolingo 
DUOL,
+6.32%

 shares surged more than 10% after hours, following a 6.3% rise in the regular session to close at $66.98, or 34% below their initial public offering price in July.

The company reported a first-quarter loss of $12.2 million, or 31 cents a share, compared with a loss of $13.5 million, or $1.04 a share, in the year-ago period.

Revenue rose to $81.2 million to $55.4 million in the year-ago quarter, while bookings increased to $102.5 million from $65.8 million a year ago.

Analysts surveyed by FactSet had forecast a loss of 57 cents a share on revenue of $77.6 million and bookings of $94 million.

“All elements of our business performed well this quarter and we saw accelerating user growth, record quarterly bookings, and strong margins,” said Luis von Ahn, Duolingo chief executive, in a statement.

Duolingo said the strong results allowed it to hike its outlook for the year. The company now sees revenue between $84 million and $87 million with bookings between $86 million and $89 million for the second quarter, and revenue of $349 million to $358 million with bookings between $388 million and $397 million for the year.

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Analysts had estimated revenue of $81.5 million and bookings of $84.7 million for the second quarter, and revenue of $338.6 million and bookings of $378 million for the year.

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