Why Duolingo Stock Popped Today
Shares of Duolingo (NASDAQ: DUOL) were up 11.9% as of 12:15 p.m. EDT Wednesday, according to data provided by S&P Global Market Intelligence, after the language-focused education technology company announced strong second-quarter 2023 results.
Duolingo's quarterly revenue climbed 44% year over year to $126.8 million, well above the $123.7 million analysts were expecting. On the bottom line, Duolingo swung to a net income of $3.7 million, or $0.08 per share, pivoting from a loss of $0.38 per share in the same year-ago period and trouncing analysts' models for a loss of $0.19 per share.
"We delivered exceptional results this quarter, with our continued strong user growth helping to drive our excellent financial performance," stated Duolingo co-founder and CEO Luis von Ahn. "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."
Source Fool.com
