Duolingo, Inc. (NASDAQ: DUOL), the leading mobile learning platform, reported strong third-quarter 2024 results, with robust user growth, subscriber gains, and impressive financial performance. However, the company's stock plunged over 5% in after-hours trading despite the solid results and raised guidance.

In the third quarter, Duolingo's Daily Active Users (DAUs) surged 54% year-over-year to 37.2 million, while Monthly Active Users (MAUs) grew 36% to 113.1 million. Paid subscribers jumped 47% to 8.6 million, driven by continued adoption of the platform's subscription offerings. Total bookings soared 38% to $211.5 million, with subscription bookings growing 45% to $176.3 million. Total revenues rose 40% to $192.6 million, beating analyst estimates.

Duolingo also reported significant profitability improvements, with net income of $23.4 million, adjusted EBITDA of $47.5 million (24.7% margin), and free cash flow of $52.7 million. The company raised its full-year 2024 guidance, projecting total bookings of $843.5-$846.5 million and revenues of $741.0-$744.0 million, showcasing the company's optimism regarding its growth trajectory.