Duolingo, Inc. (NASDAQ: DUOL), the leading mobile language learning platform, reported impressive third-quarter 2024 results, showcasing strong user growth and financial performance. Despite the company's stock dipping nearly 7% in pre-market trading on November 7, the underlying fundamentals and raised guidance paint a promising picture for Duolingo's future growth.

The company's Daily Active Users (DAUs) surged 54% year-over-year to 37.2 million, while Monthly Active Users (MAUs) climbed 36% to 113.1 million. This robust user growth translated into remarkable financial performance, with total bookings soaring 38% to $211.5 million and revenue rising 40% to $192.6 million, exceeding analyst expectations.

Duolingo's profitability also improved significantly during the quarter. The company reported net income of $23.4 million, adjusted EBITDA of $47.5 million (representing a 24.7% margin), and free cash flow of $52.7 million. Encouraged by the strong performance, Duolingo raised its full-year 2024 guidance, projecting total bookings of $843.5 million to $846.5 million and revenue of $741.0 million to $744.0 million.