Duolingo (DUOL) shares soared to an all-time high on Friday, a day after the language education platform topped expectations for the first quarter.

After th♓e bell Thursday, Duolingo reported earnings per share of $0.72 on rev🍃enue that soared 38% year-over-year to $230.7 million, both topping Visible Alpha consensus estimates.

ไ The company saw a 40% jump in paid subscribers to 10.3 million and a nearly 50% annual jump to 46.6 million daily active users (DAUs). Both metrics also topped projections.

Duolingo also lifted its full-year revenue projections to a range of $987 million to $996 million, up from the previous range of $962.5 million to $978.5 million.

Duolingo shares were up 19% to more 💃than $477 in recent trading, and set an intraday record of $480 earlier in the session.

Duolingo's DAUs Have Room to Keep Growing, JPMorgan Says

In a note following Thursday's report, JPMorgan analysts maintained their "overweight" rating and lifted their price target to $500 from $360, above the Visible Alpha consensus of roughly $446. The analysts said they see room for Duolingo's DAUs to continue growing from a wider adoption of its English lessons, and its non-language-focused material like a chess course, which Duolingo is expected to launch in the coming weeks.

The analysts also said Duolingo's recently announced effort to more than double its language library with 148 new language courses, with an increasing amount of educational content created by generative AI, "will support strong user & paid subscriber growth."