Duolingo Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
Duolingo Reports Second Quarter 2024 Financial Results
Duolingo, Inc. (NASDAQ: DUOL), the world's leading mobile learning platform, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $178.3M | $126.5M | +41% | $177.09M |
| Earnings Per Share (EPS) | $0.32 | $0.07 | +357% | $0.32 |
| Net Income | $24.4M | $3.7M | +559% | - |
| Adjusted EBITDA | $48.1M | $20.9M | +130% | - |
| Adjusted EBITDA Margin (%) | 27.0% | 16.5% | +10.5 pp | - |
| Cash Flow (Operating) | $62.4M | $37.2M | +68% | - |
| Free Cash Flow | $54.9M | $34.3M | +60% | - |
Duolingo exceeded consensus revenue estimates and met EPS expectations for Q2 2024. The company reported a significant year-over-year increase in total revenue and net income, demonstrating enhanced profitability and operational efficiency.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change (%) |
|---|---|---|---|
| Subscription Bookings | $156.5M | $106.4M | +47% |
| Total Bookings | $190.1M | $137.7M | +38% |
All segments showed strong year-over-year growth, particularly subscription bookings, which increased by 47%. This underscores Duolingo's successful focus on expanding its subscription base and monetizing its growing user engagement.
Key Operational Metrics
| Operational Metric | Q2 2024 | Q2 2023 | YoY Change (%) |
|---|---|---|---|
| Monthly Active Users (MAUs) | 103.6M | 74.0M | +40% |
| Daily Active Users (DAUs) | 34.1M | 21.5M | +59% |
| Paid Subscribers | 8.0M | 5.3M | +52% |
Duolingo reported robust growth across its operational metrics, including a 40% increase in MAUs and a 59% rise in DAUs, indicating strong user engagement and retention.
Comments from Company's Officers
Luis von Ahn, Co-Founder and CEO of Duolingo, highlighted the significant milestones achieved: "We surpassed 100 million MAUs and reported 8 million subscribers. Our user growth accelerated, and we saw record levels of engagement."
Dividends and Share Repurchase Program
No information on dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
Duolingo is providing the following guidance: - Q3 2024 Revenue: $189-192 million - Q3 2024 Adjusted EBITDA Margin: 26-28% - FY 2024 Revenue: $730-735 million - FY 2024 Adjusted EBITDA Margin: 26-28%
Stock Price Movement
Following the earnings release, Duolingo’s stock price saw an increase of 2.43%.
Conclusion
Duolingo showcased strong financial performance and user growth in Q2 2024. The positive forward guidance reflects confidence in continued growth and strategic initiatives aimed at further monetization and user engagement.
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