Duolingo has reported its Q1 2024 performance, showcasing record-breaking statistics in both revenue and profit. Key figures include:
– Bookings (amount customers pay but have not received immediate revenue) at $197.5 million, up 41% from the same period last year
– Subscription bookings increased by 47% to $161.5 million
– Revenue at $167.6 million, up 45%, with a net profit of $27.0 million compared to a loss the previous year
– Daily Active Users (DAUs) at 31.4 million accounts, Monthly Active Users (MAUs) at 97.6 million accounts
Matt Skaruppa, CEO of Duolingo, revealed that the company found customers more willing to pay for language learning through Generative AI. Duolingo has enhanced these features, including Family Plans and Duolingo Max, while Generative AI has expedited various company projects. Some projects that originally took 5 years to complete now only require 3 months.
Source: The Wall Street Journal and Duolingo
TLDR: Duolingo’s Q1 2024 report shows significant growth in revenue and profit, attributed to increased customer willingness to pay for language learning through Generative AI. The company has introduced new features like Family Plans and Duolingo Max, leading to faster project completion times.
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