Duolingo, Inc. released its annual financial report for the fiscal year ended December 31, 2023, showcasing a significant increase in revenue and user engagement. The company, known for its language learning app, reported a 44% increase in revenue to $531.1 million, up from $369.5 million in the previous year. This growth was attributed to a rise in monthly active users (MAUs) to 88.4 million and daily active users (DAUs) to 26.9 million, representing increases of 46% and 65% respectively. Paid subscribers also saw a substantial rise to 6.6 million, a 57% increase from the prior year. The company's net income turned positive, reaching $16.1 million compared to a net loss of $59.6 million in the previous year. The report highlighted the company's freemium business model, with revenue streams from subscriptions, advertising...Show More

Duolingo, Inc. released its annual financial report for the fiscal year ended December 31, 2023, showcasing a significant increase in revenue and user engagement. The company, known for its language learning app, reported a 44% increase in revenue to $531.1 million, up from $369.5 million in the previous year. This growth was attributed to a rise in monthly active users (MAUs) to 88.4 million and daily active users (DAUs) to 26.9 million, representing increases of 46% and 65% respectively. Paid subscribers also saw a substantial rise to 6.6 million, a 57% increase from the prior year. The company's net income turned positive, reaching $16.1 million compared to a net loss of $59.6 million in the previous year. The report highlighted the company's freemium business model, with revenue streams from subscriptions, advertising, the Duolingo English Test, and in-app purchases. The company's cost of revenues and operating expenses also saw increases, but at a slower rate than revenue growth, contributing to the improved net income. Duolingo's successful year was also marked by the acquisition of Gunner Made LLC, a design and animation studio, which added new talent to the team. The company's financial position remains strong with $747.6 million in cash and cash equivalents.