Summary by Moomoo AI
Duolingo, the leading language-learning platform, has reported a significant increase in financial performance for the year ended December 31, 2023. The company's revenues surged by 44% to $531.1 million, driven by a rise in subscription revenue, which grew by 48%. Advertising revenue and Duolingo English Test revenue also saw increases of 11% and 26%, respectively. The company's net income turned positive, reaching $16.1 million, a substantial improvement from the previous year's net loss of $59.6 million. Adjusted EBITDA rose to $93.7 million, up from $15.5 million in the prior year, and free cash flow increased to $144.3 million from $46.2 million. Duolingo's user base expanded, with monthly active users (MAUs) growing by 46% to 88.4 million and daily active users (DAUs) increasing by 65% to 26.9 million. Paid subscribers also grew by...Show More
