Information reaching Kossyderrickent has it that Duolingo stock fell 3.5% wiping out $250M in market value within minutes of OpenAI shared it’s voice to translate feature of GPT-4o.
Shares of Duolingo (DUOL -3.79%) took a dive like a wounded green owl on Thursday. The language-learning expert posted strong first-quarter results on Wednesday evening, but some investors wanted a stronger user-growth story, and others simply cashed in some paper profits.
The stock fell as much as 21.4% just after the opening bell today, firming up at a 17% price drop around 2 p.m. ET.
In the first quarter of 2024, Duolingo’s revenue jumped 44.9% year over year to $167.6 million. On the bottom line, the year-ago period’s net loss of $0.06 per diluted share swung to $0.57 of positive earnings per share.
Your average Wall Street analyst would have settled for earnings of roughly $0.27 per share on sales near $165.6 million. Moreover, management raised its full-year guidance for revenue, subscription-style order bookings, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
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