Shares of Duolingo (NASDAQ: DUOL) soared on Friday after the mobile learning platform delivered strong first-quarter growth metrics and boosted its full-year financial forecast. As of 2 p.m. ET, its stock price was up 40%.
Duolingo's revenue rose 47% year over year to $81.2 million, besting Wall Street's expectations for sales of $77.6 million. The gains were fueled by a 60% surge in paid subscribers, to 2.9 million.
The company's language-learning app is proving popular with students of all ages. Monthly active users climbed 23% to 49.2 million, while daily active users jumped 31% to 12.5 million.
For further details see:Why Duolingo Stock Skyrocketed Today