Duolingo, Inc. (NASDAQ: DUOL), the leading mobile learning platform, reported impressive third-quarter 2024 results, with robust user growth, subscriber gains, and strong financial performance. However, the stock plunged over 6% in after-hours trading despite the solid results.

The language learning app's Daily Active Users (DAUs) surged 54% year-over-year to 37.2 million, while Monthly Active Users (MAUs) grew 36% to 113.1 million. Paid subscribers jumped 47% to 8.6 million at the end of Q3 2024, driven by continued adoption of the platform's subscription offerings.

Duolingo's total bookings soared 38% to $211.5 million, with subscription bookings growing 45% to $176.3 million. Total revenues rose 40% to $192.6 million, beating analyst estimates. The company also reported significant profitability improvements, with net income of $23.4 million, adjusted EBITDA of $47.5 million (24.7% margin), and free cash flow of $52.7 million.

For the fourth quarter of 2024, Duolingo expects total bookings of $244.5-$247.5 million and revenues of $202.5-$205.5 million, with the midpoint slightly above consensus estimates. The company raised its full-year 2024 guidance, projecting total bookings of $843.5-$846.5 million and revenues of $741.0-$744.0 million.

Despite the strong performance and optimistic outlook, Duolingo's stock plunged over 6% in after-hours trading, suggesting investor concerns or disappointment with certain aspects of the results or guidance. The exact reasons for the sell-off remain unclear, as the company's fundamentals and growth trajectory appear solid based on the reported figures.