Duolingo’s Q3 numbers report revenue of 10.6 million dollars from the Duolingo English Test for the quarter. That’s an increase of 30% over Q3 of last year. Note that the price of the test increased by 20% between those two quarters.
At $59 a piece, we can assume that that the test was taken about 179,000 times in the quarter. That said, the real number is probably somewhat higher since the company sometimes offers discounts and freebies. Meanwhile, I estimate that the test was taken about 167,000 times in Q3 of last year.
This list shows growth in revenue (from the test) since the company went public:
Q3 2023 – 10,600,000
Q2 2023 – 9,800,000
Q1 2023 – 9,970,000*
Q4 2022 – 8,410,000
Q3 2022 – 8,192,000
Q2 2022 – 8,036,000
Q1 2022 – 8,080,000
Q4 2021 – 8,095,000
Q3 2021 – 6,695,000
Q2 2021 – 4,833,000
Q1 2021 – 5,035,000
Q4 2020 – 4,197,000
Q3 2020 – 5,607,000
Q2 2020 – 4,598,000
Q1 2020 – 753,000
*Q1 of 2023 seems to be the high point for the number of tests taken, at about 203,000 ($49 each).
The overall numbers coming out of Duolingo as a whole were pretty rosy and shares are up up and away.