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The phrase "are doing extremely well" is correct and usable in written English.
You can use it to describe someone's or a group's positive performance or progress in a particular context.
Example: "The students are doing extremely well in their exams this year, showing significant improvement."
Alternatives: "are performing exceptionally" or "are thriving remarkably."
Exact(35)
On the other hand, American businesses are doing extremely well.
They are doing extremely well, they are playing well.
"The bottom line is that dividends are doing extremely well," Mr. Silverblatt says.
"We are doing extremely well," said the executive director, Rachel S. Moore.
"And any efforts made by health insurance companies, which are doing extremely well, are good and should be applauded".
"If A-levels are just about achievement then the independent and grammar schools are doing extremely well.
Similar(24)
Stock markets were doing extremely well.
"Enron is doing extremely well now".
"He is doing extremely well, ticking all the right boxes.
"But the app is doing extremely well," said Hall.
I think, under the circumstances, Holmes is doing extremely well.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com