Duolingo (NASDAQ: DUOL) stock is gaining ground following the company's first-quarter earnings release. The online language-education specialist's share price was up 10.6% in Wednesday's daily session as of 12:30 p.m. ET, according to data from S&P Global Market Intelligence.

Duolingo released its Q1 report after market close on May 9 and posted results that beat expectations. The company recorded a per-share loss of $0.06 on revenue of $116 million in the period, surpassing the average Wall Street analyst's target for a per-share loss of $0.24 and sales of $113 million. In addition to the better-than-expected sales and earnings results, the company's stock is likely also benefiting from recent data suggesting that inflation is moderating. 

Duolingo's Q1 results came in strong across key metrics. Revenue was up 42% year over year, and bookings in the period were up 37% to reach $140.1 million. The company's monthly active user count rose 47% compared to the prior-year period to reach 72.6 million, and its paid subscriber count climbed 63% to 4.8 million. The business's net loss for the period came in at $2.6 million, narrowing from $12.2 million in last year's quarter. 

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Source Fool.com