Duolingo Announces Third Quarter 2021 Results

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[{"type":"text","content":"PITTSBURGH, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile language platform, today announced financial results for the quarter ended September 30, 2021. \"Our performance during the third quarter was exceptional. We achieved record bookings and a record number of paid subscribers, with monthly and daily users also reaching all-time highs,\" said Luis von Ahn, Co-Founder and CEO of Duolingo. \"I’m very proud that we continue to grow rapidly, even on top of last year’s extraordinary performance, furthering our mission to develop the best education in the world and make it universally available.\" Third Quarter 2021 Operational Highlights Total bookings were $73.1 million, an increase of 57% from the prior year quarter;Subscription bookings were $55.4 million, an increase of 64% from the prior year quarter;Paid Subscribers totaled 2.2 million at quarter end, an increase of 49% from the prior year quarter;Monthly active users (MAUs) were 41.7 million and daily active users (DAUs) were 9.8 million, both of which are all-time highs. Third Quarter 2021 Financial Highlights Total revenues were $63.6 million, an increase of 40% from the prior year quarter;Gross Profit was $45.5 million, an increase of 41% from the prior year quarter;Net loss totaled $29.0 million, compared to a net loss of $3.2 million in the prior year quarter, with the majority of this change driven by IPO-related costs;Adjusted EBITDA was a loss of $6.0 million, compared to a loss of $0.7 million in the prior year quarter. Financial and Operating Metrics Three Months Ended September 30, (In millions, except dollar amounts in thousands)2021 2020 % ChangeOperating Metrics Monthly active users (MAUs)41.7 37.0 13%Daily active users (DAUs)9.8 8.4 16%Paid subscribers (at period end)2.2 1.5 49%Subscription bookings$55,362 $33,778 64%Total bookings$73,058 $46,667 57% Financial Measures Net loss (GAAP)$(28,970) $(3,176) 812%Adjusted EBITDA (Non-GAAP)$(5,968) $(724) 724% Summary of Financial Results Revenues increased 40% to $63.6 million during the quarter, primarily driven by an increase in subscription revenues. Subscription revenues grew 42%, primarily due to an increase in the average number of paid subscriptions during the quarter. Advertising revenues increased 34% to $9.0 million, due to an increase in DAUs, which resulted i...

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