Duolingo, the popular language-learning platform, reported a significant increase in financial performance for the quarter ended June 30, 2024. The company's net income surged to $24.4 million, a substantial rise from $3.7 million in the same period the previous year. This growth was mirrored in the six-month figures, with net income reaching $51.3 million, up from $1.1 million. Basic and diluted net income per common share also saw a notable increase, with basic income per common share at $0.56, up from $0.09, and diluted income per common share at $0.51, up from $0.08. Duolingo's business development was marked by a 40% year-over-year growth in monthly active users (MAUs), reaching 103.6 million, and a 59% increase in daily active users (DAUs) to 34.1 million. The company also reported a...Show More

Duolingo, the popular language-learning platform, reported a significant increase in financial performance for the quarter ended June 30, 2024. The company's net income surged to $24.4 million, a substantial rise from $3.7 million in the same period the previous year. This growth was mirrored in the six-month figures, with net income reaching $51.3 million, up from $1.1 million. Basic and diluted net income per common share also saw a notable increase, with basic income per common share at $0.56, up from $0.09, and diluted income per common share at $0.51, up from $0.08. Duolingo's business development was marked by a 40% year-over-year growth in monthly active users (MAUs), reaching 103.6 million, and a 59% increase in daily active users (DAUs) to 34.1 million. The company also reported a 52% rise in paid subscribers, totaling 8.0 million. In terms of future plans, Duolingo completed two acquisitions in July 2024 for a total purchase price of $7.5 million, signaling ongoing strategic expansion. The company's strong performance is attributed to product initiatives that enhanced user engagement and the effectiveness of its app, as well as efficient marketing strategies.