Duolingo, Inc. (DUOL) saw its stock soar 5.04% in the intraday trading session on Thursday, driven by a surge in new users for its language learning app in the United States.
The surge in demand for Duolingo's services comes as the looming ban on the popular short-video app TikTok has prompted many of its users to migrate to the Chinese social video platform Xiaohongshu. As Xiaohongshu is primarily in Mandarin, users have flocked to Duolingo to learn the language.
Duolingo reported a 216% year-over-year increase in US app users, with downloads surging 36% on both the App Store and Google Play. The company has actively promoted its Mandarin lessons on TikTok itself, with videos featuring its iconic green owl mascot headed to China and encouraging users to "learn Mandarin on Duolingo" instead of moving to the country. These promotional videos have garnered over half a million likes on the platform.
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