Duolingo Reports Profitable Quarter with Revenue Growth
Duolingo reports a significant increase in revenue and achieves profitability in the latest quarter, exceeding analyst expectations. The company expects continued growth and upward revisions in future revenues. CEO's perspective included.
Troy D. Hanson
August 09, 2023
Duolingo, the popular language-learning platform, has announced strong financial results for the latest quarter. Here are the key details:
Duolingo's revenue reached $126.8 million, a significant increase from $88.4 million in the same period last year. Analysts had expected revenue to be around $123.7 million, according to FactSet.
The Pittsburgh-based company reported a net income of $3.7 million, or 8 cents per share, for the second quarter ending on June 30. This marks a notable turnaround from the loss of $15 million, or 38 cents per share, recorded in the previous year. Analysts had predicted a loss of $5.8 million, or 19 cents per share.
Key Metrics Demonstrating Growth
For the third quarter, Duolingo expects revenue in the range of $129.5 million to $132.5 million. Looking further ahead, the company has forecasted revenues between $569 million and $575 million for the year 2023. This upward revision follows a previous estimate of $552 million to $561 million for the same period.