The bad in Duolingo $DUOL's call was quite anticipated. Growth decelerated massively, and a growth-nonsense multiple is being hit, arguably, too much.

Meanwhile, DAU/MAU reached 41% and continues to accelerate, DAUs are up 21% YoY. Ultimate indirect indicators that the product is improving, and management is, imho, correctly maintaining that focus, reducing friction for the free experience.

Better product also means higher LTV and retention. Which may have been the root cause of revenue and bookings decelerating too fast, probably coming from viral marketing campaigns that created artificially hard comparables. I think management learned that's not long-term sustainable.

Luis hinted people are willing to pay more for Super + video calls, more pricing options, possibly per use, wouldn't surprise me. Rolling that feature out to the free base makes complete sense imho, maintaining a better free experience while potentially improving a very low monetization.

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