Duolingo Announces 51% DAU Growth and Record Bookings and Revenue in Third Quarter 2022; Raises Full Year Guidance

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[{"type":"text","content":"PITTSBURGH, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the third quarter ended September 30, 2022 in a shareholder letter that is posted at investors.duolingo.com. “Our results this quarter speak volumes – as we continue to grow users, we are finding them more engaged and see more of them subscribing to Super Duolingo, resulting in record bookings and revenue,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “I’m particularly proud that our products are encouraging more engagement, which can lead to better learning outcomes. Today, nearly 70% of our daily active users have a Duolingo streak longer than 7 days.” Third Quarter 2022 Highlights Total bookings were $102.7 million, an increase of 41% from the prior year quarter;Subscription bookings were $78.9 million, an increase of 42% from the prior year quarter;Paid Subscribers totaled 3.7 million at quarter end, an increase of 68% from the prior year quarter;Monthly active users (MAUs) grew 35% to 56.5 million from the prior year quarter and Daily active users (DAUs) grew 51% to 14.9 million from the prior year quarter;Total revenues were $96.1 million, an increase of 51% from the prior year quarter;Net loss totaled $18.4 million, compared to a net loss of $29.0 million in the prior year quarter;Adjusted EBITDA was $2.1 million, compared to an Adjusted EBITDA loss of $6.0 million in the prior year quarter. Financial and Operating Metrics The following table summarizes our financial and operating highlights for the quarter ended September 30, 2022. Three Months Ended September 30, (In millions)2022 2021 % ChangeOperating Metrics Monthly active users (MAUs) 56.5 41.7 35%Daily active users (DAUs) 14.9 9.8 51%Paid subscribers (at period end) 3.7 2.2 68% Three Months Ended September 30, (In thousands)2022 2021 % ChangeOperating Metrics Subscription bookings$78,858 $55,362 42%Total bookings$102,738 $73,058 41% Financial Measures Total revenues (GAAP)$96,065 $63,595 51%Net loss (GAAP)$(18,445) $(28,970) nm Adjusted EBITDA (Non-GAAP)$2,130 $(5,968) nm The following table provides revenues by product type: Three Months Ended September 30, (in thousands)2022 2021 Change % ChangeSubscription$72,172 $46,030 $26,142 57%Advertising 10,619 9,029 1,590 18%Duolingo English Test 8,192 6,695 1,497 22%Other ...

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