Babbel increases turnover to around 124 million euros
Revenue in fiscal 2019 increased by 16 percent - but the company had planned for growth of 35 to 39 percent.
In the 2019 financial year, the language learning app Babbel said it made 123.9 million euros in revenue. This represents an increase of 16 percent compared to the previous year. Germany's share of total revenue fell by one percentage point to 29 percent. At the same time, however, sales in this country also increased by ten percent. "Thus, Babbel maintained its position on the domestic market and was able to expand it even further," the company report says.
However, Babbel was unable to reach its own targets with this. The company had actually targeted a revenue increase of 35 to 39 percent for fiscal 2019. Compared to the previous year, Babbel made a profit of just under 600,000 euros, according to the annual report. The Berlin-based company estimates the risks of the Corona pandemic as moderate. For 2020, it expects growth of eight to 18 percent.
Babbel employs 750 people in offices in Berlin and New York. The company was founded in 2007.
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