Shares of app-based education company Duolingo (NASDAQ: DUOL) soared on Thursday, following the release of its financial results for the third quarter of 2023. Results surpassed Wall Street's expectations as more people than ever are switching from its free tier to a paid subscription. And that's why Duolingo stock was up 14% as of 9:50 a.m ET and hitting a fresh 52-week high.

Duolingo's app provides a gamified language-learning experience, but the app now also offers lessons for music and math. Users can access the free tier, which has advertisements. Or they can pay for an ad-free experience with extra features. And people are increasingly signing up for both.

In Q3, Duolingo had 83.1 million monthly active users (MAUs) and 24.2 daily active users (DAUs), up 47% and 63% year over year, respectively. This was also a big jump from 74.1 million MAUs and 21.4 million DAUs in the second quarter.

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Source Fool.com