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Duolingo | 8-K/A: Current report (Amendment)

SEC announcement ·  May 11 03:39
Summary by Futu AI
Duolingo, Inc., the leading mobile learning platform, has filed an amended Form 8-K/A with the SEC to correct a technical error in its original financial report dated May 8, 2024. The amendment, filed on May 9, 2024, addresses inaccuracies in the bar charts of the Original 8-K Exhibit, specifically under the 'Non-GAAP Operating Expenses (% of Revenue)' section. The company's financial results for Q1 2024, as announced on May 8, 2024, show significant growth with a 54% year-over-year increase in Daily Active Users to 31.4 million and a 35% increase in Monthly Active Users to 97.6 million. Paid subscribers also rose by 54% to 7.4 million. Financially, Duolingo reported a 45% increase in revenue to $167.6 million and a net income of $27.0 million, a substantial improvement from the $2.6 million net loss in...Show More
Duolingo, Inc., the leading mobile learning platform, has filed an amended Form 8-K/A with the SEC to correct a technical error in its original financial report dated May 8, 2024. The amendment, filed on May 9, 2024, addresses inaccuracies in the bar charts of the Original 8-K Exhibit, specifically under the 'Non-GAAP Operating Expenses (% of Revenue)' section. The company's financial results for Q1 2024, as announced on May 8, 2024, show significant growth with a 54% year-over-year increase in Daily Active Users to 31.4 million and a 35% increase in Monthly Active Users to 97.6 million. Paid subscribers also rose by 54% to 7.4 million. Financially, Duolingo reported a 45% increase in revenue to $167.6 million and a net income of $27.0 million, a substantial improvement from the $2.6 million net loss in the same period the previous year. Adjusted EBITDA was $44.0 million, reflecting a margin of 26.3%, and free cash flow reached $79.6 million. The company has raised its full-year guidance for bookings, revenue, and profitability, citing strong user growth, optimized subscription conversion, and the introduction of new features such as Duolingo Max and Family Quest. Duolingo's CEO, Luis von Ahn, expressed confidence in the company's growth strategy, which includes expanding beyond language learning into new subjects like music and math.

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