TechnologyDuolingo valuation could top $4 bn in upcoming Nasdaq...

Duolingo valuation could top $4 bn in upcoming Nasdaq debut

-

New York, United States: Duolingo, a language learning smartphone app that has grown during the coronavirus pandemic, plans to go public with an overall valuation of potentially more than $4 billion.

The company’s initial public offering will be priced at between $85 and $95 per share, Duolingo said in a securities filing Monday. Shares are expected to debut on the Nasdaq in the coming weeks under the symbol “DUOL.”

Formed in 2011 by engineers Luis von Ahn and Severin Hacker, who met at Carnegie Mellon University, Duolingo touts its potential for more growth thanks to the enduring popularity of smartphones and rising demand for online learning.

The app has been downloaded more than 500 million times and currently has about 40 million active monthly users. Revenues in 2020 were $161.7 million, more than double that of the prior year.

The founders have emphasized addressing inequality in education as a priority, intentionally avoiding a paywall for the basic service.

However, the company offers a premium service without ads. As of March 31, about five percent of average monthly users were on the paid model, the company said.

Another revenue source is an English language test that has been recognized by leading US universities.

AFP
AFP is a leading global news agency for comprehensive, verified coverage of events shaping the world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

China’s Hou wins first weightlifting gold of Tokyo 2020

Tokyo, Japan: China's Hou Zhihui took the first weightlifting gold of Tokyo 2020 on Saturday as she dashed India's...

Tokyo Olympics rowing rescheduled over tropical storm

Tokyo, Japan: Tokyo Olympic organizers brought forward rowing events as a "protective measure" Saturday as a tropical storm heads...

Lebanon can’t handle next Covid wave: hospital chief

Beirut, Lebanon: Lebanon's deepening economic crisis has piled pressure on hospitals, leaving them ill-equipped to face any new wave...

India rescuers hunt for survivors as monsoon toll hits 76

Mumbai, India: Rescuers in India combed through mud and debris Saturday in a desperate search for survivors as the...

Empty streets as Hanoi goes into lockdown as virus cases soar

Hanoi, Vietnam: Vietnam locked down eight million people in Hanoi on Saturday, the latest attempt to curb a serious...

Mirabai Chanu fetches India Olympic silver in weightlifting

Kolkata, India: Mirabai Chanu won India's first Olympic medal, a silver medal in 49kg weightlifting with a total lift...

Must read

You might also likeRELATED
Recommended to you