Duolingo Shares Rise 7% as Language Learning App Sees Surge in Mandarin Users
Duolingo, a popular language learning app, saw its shares rise nearly 7% on Thursday as the company reported a massive surge in users signing up to learn Mandarin. According to the company, there has been a 216% increase in Mandarin learners using the app compared to last year, with Spanish seeing a 40% increase over the same period.
The surge in Mandarin users comes as RedNote, a social media app rival to TikTok, has become the No. 1 free app on the Apple app store, holding that position for most of this week. Duolingo’s marketing team has an active presence on RedNote, managed by the company’s team in China.
Duolingo offers online and mobile courses across 42 languages, with Spanish being the most popular language on the app, followed by French and Chinese. The company saw its shares climb 43% last year, outperforming the Nasdaq’s 29% gain.
The surge in RedNote’s popularity could be attributed to the controversy surrounding TikTok, which has faced scrutiny over security concerns and is currently facing a potential ban in the US. RedNote has seen a 20-fold increase in U.S. app downloads over the last week, according to market intelligence firm Sensor Tower. A decision on the future of TikTok in the US could come as early as Friday.