Why Duolingo Stock Doubled in the First Half of 2023
Shares of language learning app Duolingo (NASDAQ: DUOL) went up 101% in the first half of 2023, according to data provided by S&P Global Market Intelligence. That trounced the 15.9% gain for the S&P 500. And the primary catalyst during this six-month period was the company's financial results.
On Feb. 28, Duolingo reported financial results for the fourth quarter of 2022, during which it grew revenue 39% year over year. Then on May 9, the company announced financial results for the first quarter of 2023, reporting 42% top-line growth.
Another catalyst that can't be ignored was Duolingo's announcement regarding artificial intelligence (AI) on March 14. OpenAI's ChatGPT has captivated investors in 2023. And on the same day that OpenAI announced the next iteration of its technology with GPT-4, Duolingo announced that its Duolingo Max product would be powered by GPT-4 -- fortuitous timing for capturing attention.
Source Fool.com
