By Sam Boughedda
Investing.com -- Duolingo Inc (NASDAQ:DUOL) released its fourth-quarter and full-year earnings on Thursday, beating revenue and earnings forecasts.
The loss per share came in at 46 cents, beating forecasts of a 58 cent loss per share. Revenue of $73.01 million beat forecasts of $68.95 million.
The mobile learning platform saw its fourth-quarter subscription bookings increase 61% to $69.8 million. Duolingo's overall bookings for the fourth quarter totaled $90.8 million, up 59% from the prior-year period.
The news initially saw its shares rise as much as 18% in extended trading Thursday. However, they have lost some steam since.
The company has experienced significant growth in the last few years. In 2019 Duolingo had 900,000 paid subscribers, which has grown to 2.5 million at the end of 2021, a rise of 300,00 from the third quarter.
Furthermore, monthly active users grew 15% to 42.4 million in the fourth quarter and daily active users grew 20% to 10.1 million, both of which are all-time highs for the company.
"In the fourth quarter, our user growth accelerated and we added more net subscribers than ever before, capping off a year in which our revenue grew by 55%," said Luis von Ahn, co-founder, and CEO of Duolingo.
He also commented on the upcoming year for Duolingo stating, "Looking ahead to 2022, we have exciting plans to make our products even more engaging and valuable for our learners. And we also have plans to continue broadening our offerings beyond languages."
Duolingo shares are currently up 4% Friday.