Stock Track | Duolingo's User Growth and New Products Fuel Strong Q3 Results

Stock Track

Nov 07, 2024

Duolingo, the leading mobile language learning platform, posted stellar results for the third quarter of 2024, driven by robust user growth and the successful rollout of its AI-powered Duolingo Max offering.

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 impressive user expansion was complemented by a 45% increase in subscription bookings to $176.3 million, fueled by a 47% rise in paid subscribers to 8.6 million.

Duolingo's strong topline performance translated into revenue growth of 40% to $192.6 million, while net income soared to $23.4 million, compared to $2.8 million in the prior-year quarter. Adjusted EBITDA more than doubled to $47.5 million, reflecting a 24.7% margin.

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