Duolingo Reports 62% DAU Growth, 44% Revenue Growth, and Stronger Profitability in Second Quarter 2023; Raises Full Year Guidance

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[{"type":"text","content":"PITTSBURGH, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the second quarter ended June 30, 2023 in a shareholder letter that is posted at investors.duolingo.com. “We delivered exceptional results this quarter, with our continued strong user growth helping to drive our excellent financial performance,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “We believe that our focus on product-led growth propelled us to record-high daily and monthly active users and subscribers, while our disciplined execution led to increased profitability.” Second Quarter 2023 Highlights Total bookings were $137.5 million, an increase of 41% from the prior year quarter;Subscription bookings were $106.3 million, an increase of 43% from the prior year quarter;Paid Subscribers totaled 5.2 million at quarter end, an increase of 59% from the prior year quarter;Monthly active users (MAUs) grew 50% to 74.1 million from the prior year quarter and Daily active users (DAUs) grew 62% to 21.4 million from the prior year quarter;Total revenues were $126.8 million, an increase of 44% from the prior year quarter;Net income totaled $3.7 million, compared to a net loss of $15.0 million in the prior year quarter;Adjusted EBITDA was $20.9 million, compared to $4.2 million in the prior year quarter, or a 16.5% and 4.7% Adjusted EBITDA margin, respectively. Financial and Key Operating Metrics The following table summarizes our financial and operating highlights for the quarters ended June 30, 2023 and 2022. Three Months Ended June 30, (In millions)2023 2022 % ChangeOperating Metrics Monthly active users (MAUs)74.1 49.5 50%Daily active users (DAUs)21.4 13.2 62%Paid subscribers (at period end)5.2 3.3 59% Three Months Ended June 30, (In thousands)2023 2022 % ChangeOperating Metrics Subscription bookings$106,254 $74,123 43%Total bookings$137,539 $97,467 41% Financial Measures Total revenues (GAAP)$126,839 $88,386 44%Net income (loss) (GAAP)$3,725 $(15,045) nm Adjusted EBITDA (Non-GAAP)$20,871 $4,198 >100% The following table provides revenues by product type: Three Months Ended June 30, (in thousands)2023 2022 Change % ChangeSubscription$95,158 $65,194 $29,964 46%Advertising 13,061 11,218 1,843 16 Duolingo English Test 9,809 8,036 1,773 22 Other * 8,811 3,938 4,873 >100 Total revenues$1...

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