Duolingo (NASDAQ: DUOL) is the world's most popular digital language education platform, and its stock was a top performer in 2023 with a 219% gain. The company routinely beat its own quarterly financial forecasts throughout the year, despite fears of elevated inflation and rising interest rates crimping consumer spending.

Total revenue of $531.1 million in 2023 was up an impressive 43% from the previous year. That success came on the back of strong user growth and an acceleration in the number of users upgrading from the free version of the mobile app to a paid monthly subscription.

Duolingo ended 2023 with 88.4 million monthly active users (MAU), marking a 46% year-over-year increase. And 6.6 million of those users were paying for a subscription, up 57%. As you can see below, those paid subscribers represented a record-high 8.3% of MAUs.

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Source Fool.com