Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced today its financial results for the third quarter ended September 30, 2022 in a shareholder letter that is posted at investors.duolingo.com.
Total bookings were $102.7 million, an increase of 41% from the prior year quarter, subscription bookings were $78.9 million, an increase of 42% from the prior year quarter. Paid Subscribers totaled 3.7 million at quarter end, an increase of 68% from the prior year quarter, monthly active users (MAUs) grew 35% to 56.5 million from the prior year quarter and Daily active users (DAUs) grew 51% to 14.9 million from the prior year quarter.
Total revenues were $96.1 million, an increase of 51% from the prior year quarter, net loss totaled $18.4 million, compared to a net loss of $29.0 million in the prior year quarter.
Adjusted EBITDA was $2.1 million, compared to an Adjusted EBITDA loss of $6.0 million in the prior year quarter.
“Our results this quarter speak volumes – as we continue to grow users, we are finding them more engaged and see more of them subscribing to Super Duolingo, resulting in record bookings and revenue,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “I’m particularly proud that our products are encouraging more engagement, which can lead to better learning outcomes. Today, nearly 70% of our daily active users have a Duolingo streak longer than 7 days.”
According to the shareholder letter from Luis von Ahn, marketing campaigns that center around cultural trends have proven to be a cost effective way to Grow Users. This is why they partnered with HBO to promote learning High Valyrian on Duolingo ahead of the launch of House of the Dragon, one of the biggest TV shows of 2022. This partnership has been our most successful PR campaign to date, generating hundreds of press mentions, and millions of social media video views and impressions. Duolingo attracted hundreds of thousands of new users to the High Valyrian course, and based on what they’ve seen in the past, nearly half of these learners will stick around to learn another language with Duolingo. In total, Duolingo spent less than $150 thousand on this entire campaign.
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