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    Mark Stephen Mahaney

    Senior Managing Director and Head of Internet Research at Evercore ISI

    Mark Stephen Mahaney is a Senior Managing Director and Head of Internet Research at Evercore ISI, specializing in internet and technology sectors with dedicated coverage of companies like Meta Platforms, Netflix, Amazon, Google, and Alibaba. With a 59% success rate and an average return of 14% per rating according to TipRanks, he is ranked among the top 1% of all Wall Street analysts for stock picking performance, and has been recognized by Institutional Investor for 18 years—including several as the #1-ranked internet analyst. Mahaney began his Wall Street career in 1998, holding previous roles at Morgan Stanley, Citi, Royal Bank of Canada, and American Technology Research, after starting out in management consulting with Deloitte & Touche and in public service. He holds a BA from Amherst College, an MA from Johns Hopkins SAIS, and an MBA from The Wharton School, and is FINRA-registered with credentials including Series 7, 24, 63, 86, and 87 licenses.

    Mark Stephen Mahaney's questions to Duolingo (DUOL) leadership

    Mark Stephen Mahaney's questions to Duolingo (DUOL) leadership • Q1 2025

    Question

    Mark Mahaney from Evercore ISI requested an update on the adoption of the math and music subjects and asked about the rationale and potential timing for price increases on the Super Duolingo tier.

    Answer

    CEO Luis von Ahn said there was no new DAU metric for math and music, but reiterated that they are growing faster than language learning. Regarding pricing, he stated that the company is constantly testing, and any potential price increases for the Super tier would be strictly data-driven based on the results of those A/B tests.

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    Mark Stephen Mahaney's questions to Duolingo (DUOL) leadership • Q4 2024

    Question

    Mark Mahaney asked about plans to make the AI character 'Lily' more dynamic, the outlook for subscription revenue per subscriber, and the reason for lower advertising revenue.

    Answer

    CEO Luis von Ahn explained the goal is to make 'Lily' a more engaging conversational partner that remembers past interactions to drive higher engagement. CFO Matt Skaruppa confirmed that the full-year guidance assumes positive growth in revenue per subscriber, driven by shifts to the Family Plan and Max. He noted that ad revenue was lighter because the company prioritized using ad inventory for in-house promotions of its subscription tiers.

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    Mark Stephen Mahaney's questions to Oddity Tech (ODD) leadership

    Mark Stephen Mahaney's questions to Oddity Tech (ODD) leadership • Q1 2025

    Question

    Mark Stephen Mahaney from Evercore ISI asked for more detail on the drivers of gross margin expansion and the company's long-term outlook for this metric.

    Answer

    Global CFO Lindsay Drucker Mann explained that while gross margin was strong due to cost efficiencies and product mix, the team focuses on contribution margin (DC margin) after media spend, not gross margin itself. She noted that while they've historically guided conservatively, the long-term run rate is expected in the high 60s, not the current 71%, but they remain committed to 20%+ adjusted EBITDA margins. CEO Oran Holtzman added that pushing higher AOV products like IL MAKIAGE SKIN also boosts gross margin.

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    Mark Stephen Mahaney's questions to Booking Holdings (BKNG) leadership

    Mark Stephen Mahaney's questions to Booking Holdings (BKNG) leadership • Q1 2025

    Question

    Mark Stephen Mahaney inquired about Booking's strategy for its 'attractions' vertical, which is seeing high growth, and the product roadmap for its proprietary AI tools, asking when they might exit beta.

    Answer

    CEO Glenn Fogel explained that attractions are a key part of the long-term 'connected trip' vision, which required building foundational elements like payments and flights first. He noted the 92% growth is significant and the focus is now on scaling this vertical. Regarding the AI tools, Fogel acknowledged they are in early, beta-like stages and will take time to perfect, but emphasized that they are improving daily across brands like Booking.com, Priceline, and KAYAK.

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    Mark Stephen Mahaney's questions to Booking Holdings (BKNG) leadership • Q4 2024

    Question

    Mark Stephen Mahaney inquired about the outlook for the airline product following its recent growth acceleration and asked for details on the new 'operator' partnership.

    Answer

    CEO Glenn Fogel expressed excitement over the 52% growth in flights but cautioned against linear projections, stating future growth will come from deeper integration into the 'connected trip' rather than new market rollouts. Regarding the 'operator' partnership, he noted it is in a very early, experimental phase with no economic details to share, emphasizing it as a learning opportunity with a key AI partner.

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    Mark Stephen Mahaney's questions to ZILLOW GROUP (ZG) leadership

    Mark Stephen Mahaney's questions to ZILLOW GROUP (ZG) leadership • Q2 2024

    Question

    Mark Mahaney asked for an update on the progress toward the 6% customer transaction share goal, specifically questioning if any of the lead enhanced markets are now close to achieving that target.

    Answer

    CEO Jeremy Wacksman clarified that progress is measured by revenue per total transaction value growth, which accelerated from 50% to 80% year-over-year in the first four enhanced markets. CFO Jeremy Hofmann added that this steady growth, along with prior data showing 80-90% transaction growth in pilot markets like Phoenix and Atlanta over two years, gives them confidence in their strategy and justifies the accelerated rollout of enhanced markets.

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    Mark Stephen Mahaney's questions to ZILLOW GROUP (ZG) leadership • Q4 2023

    Question

    Asked for the reasons behind the significant outperformance versus the residential market in the quarter, how that outperformance might trend in 2024, and whether the company can maintain its current fixed and variable cost structure.

    Answer

    The company feels good about its cost structure, expecting leverage on fixed costs over time while variable costs may initially grow with revenue as they staff up sales for growth initiatives. The outperformance is expected to continue, with double-digit revenue growth projected for 2024 against a flat housing market, driven by the expansion of growth pillars like enhanced markets, real-time touring, and Listing Showcase.

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