Shares of Coursera Inc. (COUR) surged over 14% in after-hours trading on Thursday following the release of its impressive third-quarter financial report. The online course provider exceeded expectations by reporting a narrower loss and increasing its revenue guidance for the year.

Reduced Loss and Increased Revenue

In the third quarter, Coursera recorded a loss of $32.1 million, or 21 cents per share, compared to a loss of $36 million, or 25 cents per share, in the same period last year. This better-than-expected performance can be attributed to a 21% rise in revenue to $165.5 million. Analysts had anticipated a loss of 26 cents per share on sales of $158 million, according to FactSet consensus.

AI-Powered Translation Initiative Expands Access

Coursera's CEO, Jeff Maggioncalda, expressed pride in the company's achievement, stating, "We accelerated our AI-powered translation initiative to deliver over 4,000 courses in seven languages, broadening access to the world's best educators and trusted brands for the millions of new learners coming to our platform."

Optimistic Outlook

Building on their current success, Coursera raised its revenue forecast for both the fourth quarter and 2023. The company now projects fourth-quarter revenue to fall within the range of $161 million to $165 million, while expecting revenue between $628 million and $632 million for the full year of 2023.

Coursera's strong financial performance affirms its position as a leading provider of online courses globally, attracting millions of learners and expanding educational opportunities across different languages. As they continue to grow and innovate, the company's future looks promising.

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