Lingo Media Corporation (OTCMKTS:LMDCF) lowered its net loss in its third-quarter results as the demand for English language learning programs in Latin America and Asia grew.
The language learning company saw $0.00 earnings per share in its third quarter compared with a net loss of $0.01 per share in the previous corresponding year.
Shares jumped more than 14% to C$0.08 by Thursday’s closing bell.
Revenue for the quarter totaled $186,518 compared with $354,914 in the previous third quarter.
Net loss was nearly 70% lower for the quarter, totaling $156,500 compared with a loss of $474,813 last year.
The Toronto-based company cut its operating expenses to $227,378 compared with $333,087 a year ago.
Lingo Media develops online and print-based English language learning products in China.
“We continue to see strong market trends for English language learners and have positioned ourselves to capitalize on this sector growth with our fully modular and scalable innovative product offerings,” said COO Gali Bar-Ziv.
The company noted that it has been gaining ground in Latin America and Asia.
Contact Lenore Fedow at [email protected]