PITTSBURGH, Nov. 06, 2024 — Duolingo, Inc. (NASDAQ: DUOL), the leading mobile learning platform, announced its financial results for the third quarter ending September 30, 2024. The company reported total bookings of $211.5 million, marking a 38% increase compared to the same quarter last year.
CEO Luis von Ahn stated that both daily active users (DAUs) and bookings growth exceeded expectations. The platform saw a significant rise in paid subscribers, totaling 8.6 million, up 47% year-over-year. Daily active users reached 37.2 million, a 54% increase from the previous year.
In terms of revenue, Duolingo generated $192.6 million, a 40% increase from $137.6 million in Q3 2023. Net income surged to $23.4 million, compared to $2.8 million in the same quarter last year. Adjusted EBITDA also showed notable growth, reaching $47.5 million, up from $22.5 million in Q3 2023.
Looking ahead, Duolingo has provided guidance for Q4 2024, projecting total bookings between $244.5 million and $247.5 million, with revenues estimated between $202.5 million and $205.5 million.