Duolingo Sinks as User Growth Barely Beats High Expectations

Bloomberg05-09

Shares fell as much as 11% after user growth failed to impressHigher priced subscription tier, new family plan drive salesPhotographer: Gabby Jones/BloombergDuolingo Inc. fell from a record high as ...

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The stock has rallied in recent weeks after Duolingo was added to the S&P MidCap 400 Index.First-quarter profit was 57 cents a share on sales of $168 million. Analysts had on average expected 28 cents on $166 million.Duolingo also raised its revenue outlook for the year to as much as $735.5 million, up from its previous forecast of as much as $729.5 million and above an expected $728 million.“We’re excited about the broader rollout of Duolingo Max, our higher-priced subscription tier, and the strides we’re making to improve our family plan, giving us the confidence to raise our full year guidance.” Chief Executive Officer Luis von Ahn said in the statement.The company has rolled out its Duolingo Max tier, which has generative artificial intelligence features, to as much as 10% of its active users, Chief Financial Officer Matthew Skaruppa said in an interview. Max is not currently available on Android and the company plans to continue adjusting subscription tiers throughout the year.Duolingo’s user growth has partly been driven by social media popularity, including on Tiktok which is facing a potential ban in the US. Skaruppa said TikTok was an important part of its recent rise but is no longer as important as it was two years ago. 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