Duolingo, the popular language learning platform, reported a significant increase in financial performance for the quarter ended March 31, 2024. The company saw its net income surge to $26.956 million, a stark contrast to the net loss of $2.582 million in the same period the previous year. Basic and diluted net income per share also reflected this growth, with basic income per share at $0.63 and diluted income at $0.57, compared to a loss per share of $0.06 in the prior year. This financial turnaround was driven by a 45% increase in revenues, which rose to $167.553 million from $115.661 million year-over-year. The growth in revenue was attributed to a rise in subscription revenue, which jumped by 53%, alongside increases in advertising, Duolingo English Test, and in-app purchases...Show More

Duolingo, the popular language learning platform, reported a significant increase in financial performance for the quarter ended March 31, 2024. The company saw its net income surge to $26.956 million, a stark contrast to the net loss of $2.582 million in the same period the previous year. Basic and diluted net income per share also reflected this growth, with basic income per share at $0.63 and diluted income at $0.57, compared to a loss per share of $0.06 in the prior year. This financial turnaround was driven by a 45% increase in revenues, which rose to $167.553 million from $115.661 million year-over-year. The growth in revenue was attributed to a rise in subscription revenue, which jumped by 53%, alongside increases in advertising, Duolingo English Test, and in-app purchases revenue. The company's operating metrics also showed positive trends, with monthly active users (MAUs) reaching 97.6 million, a 35% increase from the previous year, and daily active users (DAUs) growing by 54% to 31.4 million. Paid subscribers saw a significant uptick of 54%, totaling 7.4 million. Duolingo's business development was marked by product initiatives aimed at enhancing user engagement and the appeal of subscription offerings, contributing to the growth in paid subscribers and active users. Looking ahead, Duolingo plans to continue investing in product development and marketing strategies to further increase user engagement and monetization.