Summary by Moomoo AI
Duolingo, the popular language learning platform, reported a significant increase in financial performance for the quarter ended March 31, 2024. The company saw its net income surge to $26.956 million, a stark contrast to the net loss of $2.582 million in the same period the previous year. Basic and diluted net income per share also reflected this growth, with basic income per share at $0.63 and diluted income at $0.57, compared to a loss per share of $0.06 in the prior year. This financial turnaround was driven by a 45% increase in revenues, which rose to $167.553 million from $115.661 million year-over-year. The growth in revenue was attributed to a rise in subscription revenue, which jumped by 53%, alongside increases in advertising, Duolingo English Test, and in-app purchases...Show More