Duolingo Stock Surges as User Growth Takes Flight
Duolingo beat expectations for second-quarter earnings as revenue jumped nearly 42% from a year ago and the company raised its outlook for the third quarter and full-year.
Shares of the free language-learning app rose 16% in after-hours trading.
Duolingo reported earnings of 91 cents a share and revenue of $252.3 million, and daily active users jumped 40% from a year ago, to 47.7 million.
Analysts tracked by FactSet expected earnings of 59 cents a share and revenue of $240.6 million.
Duolingo said it sees third-quarter revenue in a range of $257 million to $261 million, above Wall Street expectations. For the full year, it sees revenue of $1.01 billion to $1.019 billion, also higher than Street expectations.
“We exceeded our own high expectations for bookings and revenue this quarter, and did it while expanding profitability,” said CEO and co-founder Luis von Ahn, in a press release. “We’ve seen encouraging early signals from new product initiatives like our energy mechanic and Chess course.”
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