Duolingo stock is falling off a cliff, continuing a dramatic collapse. You can't just blame that ‘AI first' memo

In 2025, Duolingo recorded $1.03 billion in revenue, along with total bookings of $1.15 billion, the latter figure representing 33% year-over-year growth. Net income for the year totaled $414.1 million. "We closed 2025 with strong momentum,†Duolingo CEO Luis von Ahn said in a statement, "surpassing 50 million daily active users and generating more than $1 billion in bookings for the first time.†Yet it was von Ahn's next comments, along with the company's 2026 guidance, that caused investors to turn negati ...