DuoLingo’s stock is now down a massive 70% YoY.

And that’s despite their last earnings call confirming that:

• Revenue was about $271.7 million, up roughly 41% year over year and ahead of consensus (around $260 million).

• AI made up a significant chunk of that revenue, with AI‑powered products (like Duolingo Max) driving bookings and ARPU, and Max bookings roughly doubling year over year.

• Daily active users grew around 36% year over year to roughly 50.5 million, with monthly active users at about 135 million.

• Paid subscribers were about 11.5 million, up roughly 34% year over year

All eyes on the upcoming quarter’s earnings Feb to see what happens next.