Duolingo, Inc. is a leading mobile learning platform primarily focused on language education. The company offers a popular language-learning app that provides courses in over 40 languages, making it the top-grossing education app in app stores. Duolingo operates on a freemium model, offering free access to its app with premium features available through subscriptions.
- Time-Based Subscriptions - Offers monthly, six-month, or year-long subscriptions with options for single or family plans, providing premium features such as an ad-free experience and additional learning tools.
- In-App Advertising - Generates revenue from third-party advertisements placed within the app, monetizing free users.
- Duolingo English Test (DET) - Provides an English proficiency test, generating revenue from test fees.
- In-App Purchases - Allows users to purchase consumable virtual goods within the app to enhance their learning experience.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Luis von Ahn ExecutiveBoard | CEO, Co-Founder, Chairman | None | Co-founded Duolingo in August 2011, leading its growth into a leading language-learning platform. Holds a Ph.D. in Computer Science from Carnegie Mellon University. | View Report → |
Severin Hacker ExecutiveBoard | CTO, Co-Founder | None | Co-founded Duolingo in August 2011, instrumental in technology and product development. Holds a Ph.D. in Computer Science from Carnegie Mellon University. | |
Matthew Skaruppa Executive | CFO | None | Joined Duolingo as CFO in February 2020. Previously worked at Goldman Sachs and KKR Capstone. Holds an MBA from Stanford. | |
Natalie Glance Executive | Chief Engineering Officer | None | Joined Duolingo in March 2015, promoted to Chief Engineering Officer in November 2022. Holds a Ph.D. in Physics from Stanford University. | |
Robert Meese Executive | Chief Business Officer | None | Joined Duolingo in September 2016, promoted to Chief Business Officer in March 2021. Previously worked at Google. | |
Stephen Chen Executive | General Counsel | None | Joined Duolingo as General Counsel in March 2020. Previously worked at Proofpoint, Inc. and Yahoo!. | |
Amy Bohutinsky Board | Director | Board Member at Zillow Group, Venture Partner at TCV | Joined Duolingo's Board in June 2020. Extensive experience in marketing and leadership at technology companies. | |
Bing Gordon Board | Director | Partner at Kleiner Perkins Caufield & Byers, Board Member at Take-Two Interactive Software, Inc., Special Advisor to Amazon | Joined Duolingo's Board in February 2020. Extensive experience in corporate governance and strategic planning. | |
Bonnie Ross Board | Director | Dean’s Leadership Council at Colorado State University | Joined Duolingo's Board in December 2024. Extensive experience in the gaming industry, previously led the Halo franchise at Microsoft. | |
Gillian Munson Board | Director | CFO of Vimeo, Board Member at Phreesia, Inc. | Joined Duolingo's Board in September 2019. Extensive experience in financial leadership roles, including at Vimeo and Zillow Group. | |
Jim Shelton Board | Director | Chief Investment and Impact Officer at Blue Meridian Partners, Partner at Amandla Enterprises | Joined Duolingo's Board in October 2020. Extensive experience in education and impact investment. | |
John Lilly Board | Director | Venture Partner at Greylock Partners | Joined Duolingo's Board in December 2021. Extensive experience in sales, marketing, and business development. | |
Sara Clemens Board | Director | Senior Advisor to Blackstone Growth, Board Member at Khosla Ventures Acquisition Co. III, Board Member at Karat | Joined Duolingo's Board in June 2020. Extensive international business experience and senior leadership roles at technology companies. |
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With U.S. market growth being only roughly average compared to other countries, are you concerned about potential saturation in your most mature market, and what specific strategies are you implementing to drive further growth in the U.S.?
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Given that Max adoption has not yet materially impacted ARPU and its scale remains uncertain, how confident are you that Max will drive sustainable ARPU growth going forward, and what are the key factors that will influence this?
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As you expand into international markets by adding marketing managers in countries like France, Korea, Italy, and Turkey, how do you plan to address the challenges of localization to replicate the success you've seen in Japan, and what metrics will you use to measure success in these new markets? ,
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With retention rates for Max subscribers not yet stable and the possibility that they may differ from Super subscribers, what strategies are you implementing to ensure high retention across all subscription tiers, and how might varying retention rates impact your long-term revenue projections?
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Considering that your marketing strategy relies heavily on organic social media and you've mentioned minimal impact from performance marketing, how will you adapt if organic growth slows or if social media platforms change their algorithms, and are there plans to increase paid marketing to sustain user acquisition?
Research analysts who have asked questions during Duolingo earnings calls.
Alexander Sklar
Raymond James Financial, Inc.
5 questions for DUOL
Andrew Boone
JMP Securities
5 questions for DUOL
Bryan Smilek
JPMorgan Chase & Co.
5 questions for DUOL
Curtis Nagle
Bank of America
5 questions for DUOL
Justin Patterson
KeyBanc Capital Markets
5 questions for DUOL
Ralph Schackart
William Blair
5 questions for DUOL
Ross Sandler
Barclays
5 questions for DUOL
Ryan MacDonald
Needham & Company
5 questions for DUOL
Wyatt Swanson
D.A. Davidson & Co.
5 questions for DUOL
Mark Mahaney
Evercore ISI
3 questions for DUOL
Nathan Feather
Morgan Stanley
3 questions for DUOL
Shweta Khajuria
Wolfe Research, LLC
3 questions for DUOL
Aaron Kessler
Seaport Research Partners
2 questions for DUOL
Arvind Ramnani
Piper Sandler
2 questions for DUOL
Chris Kuntarich
UBS Group
2 questions for DUOL
Christopher Kuntarich
UBS
2 questions for DUOL
Edison Kai
Citic Securities
2 questions for DUOL
Hanyi Cai
CITIC Securities
2 questions for DUOL
John Colantuoni
Jefferies
2 questions for DUOL
Mark Stephen Mahaney
Evercore ISI
2 questions for DUOL
Christian Charcoal
UBS Group AG
1 question for DUOL
Crystal Li
CMS
1 question for DUOL
Eric Sheridan
Goldman Sachs
1 question for DUOL
Georgia Anderson
Wolfe Research
1 question for DUOL
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Apple | Payment processing & distribution partner | All | Processed 60.8% ($454.8 million) of 2024 total revenue |
Payment processing & distribution partner | All | Processed 23.4% ($174.4 million) of 2024 total revenue | |
Stripe | Payment processing partner | All | Processed 11.7% ($87.4 million) of 2024 total revenue |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Undisclosed Company 1 | 2024 | Completed in July 2024, this acquisition had a total consideration of $7.5 million—comprising cash, contingent payments, and a holdback tied to post-acquisition conditions—and was aimed at adding new design, illustration, animation, and engineering talent along with developed technology, although the final purchase price allocation remains in progress. |
Undisclosed Company 2 | 2024 | Completed in July 2024, this deal mirrors the structure of the first, with a total aggregate consideration of $7.5 million (including cash, contingent payments, and a holdback), aimed at bolstering Duolingo's creative and engineering teams and technology assets, with the acquisition accounting still being finalized. |
Gunner Made LLC | 2022 | Acquired on October 3, 2022, for a total of $4.5 million (with $4 million paid at closing and $0.5 million contingent on continued service), this acquisition brought 15 new design and animation experts to enhance Duolingo's brand and product capabilities, aligning with its strategic focus on reinvesting in creative talent while final purchase price allocation is pending. |
Recent press releases and 8-K filings for DUOL.
- Pomerantz LLP is investigating Duolingo, Inc. for potential securities fraud or other unlawful business practices.
- The investigation follows JMP Securities lowering its price target on Duolingo stock to $450 from $475 on July 28, 2025.
- This price target reduction was attributed to concerns about slowing user engagement, with daily active user growth decelerating to approximately 39% year-over-year in Q2 2025 from about 51% in Q1 2025.
- On July 28, 2025, Duolingo's stock price fell $23.60 per share, or 6.48%, closing at $340.49 per share.
- Duolingo provided guidance for 40%-45% DAU growth in Q2, highlighting its robust freemium model, social-first marketing, and user resurrection strategies as key drivers.
- The call emphasized ongoing efforts to boost platform LTV through subscription upgrades (Super to Max), expanding Family Plan penetration, and leveraging AI for efficient content creation and new verticals such as math, music, and chess.
- Duolingo achieved a record 46.6M daily active users with a 49% YoY increase and surpassed 10 million paid subscribers in Q1 2025.
- The company reported 38% YoY revenue growth to $230.7M, with net income rising from $27.0M to $35.1M, highlighting robust operational momentum.
- Gross margin guidance was reiterated with Q1 performance exceeding expectations, setting a track for a sequential 50 bp decline in Q2, a ramp-up in Q3/Q4, and an overall 150 bp annual decline.
- AI-enabled content expansion drove the rollout of 148 new language courses in one year and introduced new subjects like math, music, and chess to boost subscription growth.
- Strong user engagement was further evidenced by robust retention trends on Max and significant incremental subscriber gains from both new and upgraded users.
- Investments in GenAI features and product innovations (e.g., improved Video Call interactions) are enhancing efficiency and long-term growth.