Duolingo shares skyrocketed more than 30% after the language learning platform boosted its guidance due to strong user growth driven by artificial intelligence.
The mobile learning platform hiked its full-year guidance to between $1.01 billion and $1.02 billion, up from a prior range of $987 million to $996 million. Duolingo also lifted its bookings guidance to between $1.15 billion and $1.16 billion.
"We exceeded our own high expectations for bookings and revenue this quarter, and did it while expanding profitability," said co-founder and CEO Luis von Ahn in a release.
Daily active users jumped 40% to nearly 48 million from about 34 million in the year-ago period.