股价暴跌超25%！多邻国指引不及预期！CEO：先不赚钱，先把课教好

Core Viewpoint - Duolingo's stock price dropped over 25% due to fourth-quarter guidance falling short of expectations, with the company prioritizing long-term projects and teaching quality over short-term monetization [1][4]. Financial Performance - Duolingo reported a 41% increase in third-quarter revenue, reaching $272 million, exceeding analyst expectations of $260 million [5]. - Total bookings rose 33% year-over-year to approximately $282 million, also surpassing forecasts [6]. - Net profit for the third quarter increased to $292.2 million, compared to $23.4 million in the same period last year, with earnings per share at $5.95, up from $0.49, boosted by a one-time tax benefit of $222.7 million [7]. - The number of paid subscribers grew to 11.5 million, exceeding analyst expectations of 11.38 million [8]. User Engagement Metrics - Daily active users (DAUs) for the third quarter were 50.5 million, below the expected 51.2 million, while monthly active users (MAUs) were 135.3 million, also short of the anticipated 137.4 million [9]. Future Guidance - For the fourth quarter, Duolingo expects total bookings between $329.5 million and $335.5 million, lower than the analyst estimate of $344.3 million [9]. - Adjusted EBITDA for the fourth quarter is projected to be between $75.4 million and $78.8 million, below the market expectation of $80.5 million [9]. - The company raised its full-year revenue guidance to between $1.0275 billion and $1.0315 billion, up from the previous range of $1.01 billion to $1.02 billion [9]. Strategic Focus - The CEO indicated a shift towards prioritizing user growth over short-term monetization, with increased investment in long-term projects and teaching quality [11]. - Duolingo has launched new AI tools and features to attract more paid users, including interactive video calls and a record number of new language courses [11]. - The company employs a freemium model to convert free users into paid subscribers, offering ad-free experiences and generative AI features [11]. Market Position and Analyst Sentiment - Duolingo is noted as one of the few companies finding profitable ways to leverage AI, with significant financial benefits expected to materialize over several quarters [12][13]. - Analyst sentiment has shifted, with KeyBanc downgrading the stock rating from "overweight" to "sector weight" due to concerns that the focus on long-term product development may impact short-term growth and valuation [12].