Summary by Moomoo AI
Duolingo, Inc., the leading mobile learning platform, reported a significant increase in financial performance for the first quarter ended March 31, 2024. The company announced a 45% increase in total revenues, reaching $167.6 million, and a substantial rise in net income to $27.0 million, a stark contrast to the net loss of $2.6 million in the same quarter of the previous year. The company's Adjusted EBITDA also saw a significant increase, with a margin of 26.3% compared to 13.1% in the prior year. These results were driven by a 54% growth in daily active users and a 47% increase in subscription bookings. Duolingo's paid subscriber count rose to 7.4 million, a 54% jump from the previous year. The company's strong performance has led to an upward revision of its full-year guidance for 2024. Additionally, Duolingo announced the resignation of Laela Sturdy from its Board of Directors on May 6, 2024, which was not due to any disagreement with the company's operations, policies, or practices.