share_log

Duolingo | ARS: Annual Report to Security Holders

SEC announcement ·  Apr 27 03:46
Summary by Futu AI
Duolingo, Inc. released its annual financial report for the fiscal year ended December 31, 2023, showcasing a significant increase in revenue and user engagement. The company, known for its language learning app, reported a 44% increase in revenue to $531.1 million, up from $369.5 million in the previous year. This growth was attributed to a rise in monthly active users (MAUs) to 88.4 million and daily active users (DAUs) to 26.9 million, representing increases of 46% and 65% respectively. Paid subscribers also saw a substantial rise to 6.6 million, a 57% increase from the prior year. The company's net income turned positive, reaching $16.1 million compared to a net loss of $59.6 million in the previous year. The report highlighted the company's freemium business model, with revenue streams from subscriptions, advertising...Show More
Duolingo, Inc. released its annual financial report for the fiscal year ended December 31, 2023, showcasing a significant increase in revenue and user engagement. The company, known for its language learning app, reported a 44% increase in revenue to $531.1 million, up from $369.5 million in the previous year. This growth was attributed to a rise in monthly active users (MAUs) to 88.4 million and daily active users (DAUs) to 26.9 million, representing increases of 46% and 65% respectively. Paid subscribers also saw a substantial rise to 6.6 million, a 57% increase from the prior year. The company's net income turned positive, reaching $16.1 million compared to a net loss of $59.6 million in the previous year. The report highlighted the company's freemium business model, with revenue streams from subscriptions, advertising, the Duolingo English Test, and in-app purchases. The company's cost of revenues and operating expenses also saw increases, but at a slower rate than revenue growth, contributing to the improved net income. Duolingo's successful year was also marked by the acquisition of Gunner Made LLC, a design and animation studio, which added new talent to the team. The company's financial position remains strong with $747.6 million in cash and cash equivalents.

This announcement is a separate document:

Doc 1

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.