<p>多邻国的股价大幅下跌，周二最多下跌 8.7%，投资者关注用户增长低于预期，尽管第一季度的收入表现强劲。</p>
<p>该股今年已下跌 43%，过去 12 个月的损失扩大至 79%。</p>
<p>此次抛售凸显了投资者对公司增长战略可能影响近期参与度指标的担忧。</p>
<p><strong>收入超出预期，但用户指标令人失望</strong></p>
<p>多邻国报告第一季度收入为 2.92 亿美元，同比增长 27%，超出华尔街预期的 2.89 亿美元。</p>
<p>总预订量增长 14%，达到 3.085 亿美元，得益于强劲的订阅增长。</p>
<p>订阅收入增长 31%，达到 2.509 亿美元，而广告收入增长 15%，达到 2060 万美元。</p>
<p>调整后的 EBITDA 为 8340 万美元，也超出预期的 7400 万美元。</p>
<p>然而，关键用户指标未能达到预期。</p>
<p>每日活跃用户增长 21%，达到 5650 万，但未能达到分析师预测的 5670 万。</p>
<p>每月活跃用户达到 1.378 亿，低于 145 百万的预期。</p>
<p>参与度指标的不足似乎掩盖了其他方面的良好财务表现。</p>
<p><strong>增长战略影响参与度</strong></p>
<p>首席执行官 Luis von Ahn 强调，公司长期专注于扩大用户基础，即使以短期货币化为代价。</p>
<p>“现在还为时已晚，无法看到我们指标的影响，但我们的结果与预期一致，” 他在给股东的信中写道。</p>
<p>“我们相信，更多的用户基础将使多邻国成为一家更有价值的公司，因此我们优先考虑更好地教学和扩大受众，” 他补充道。</p>
<p>公司已承认其一些先前的货币化策略可能减缓了用户增长。</p>
<p>Von Ahn 指出，增加摩擦——例如增加广告负载或订阅提示——可能导致参与度减缓。</p>
<p>Jefferies 表示，旨在提升参与度的举措，包括更长的免费试用期和改善的订阅福利，尚未转化为更强的用户活动或消费。</p>
<p>美国这一关键货币化市场的增长放缓也引发了警示。</p>
<p><strong>人工智能投资和长期展望仍然是关键焦点</strong></p>
<p>多邻国继续在人工智能方面进行大量投资，作为其产品战略的一部分。</p>
<p>公司表示，在第一季度创建了 20500 个课程单元，显著高于 2025 年每季度 7100 个单元。</p>
<p>该平台现在提供九种最受欢迎语言的专业水平课程。</p>
<p>Von Ahn 表示，课程现在融入了更多的 AI 生成内容和扩展的口语练习，以及受视频游戏启发的可定制化头像等游戏化功能。</p>
<p>他在财报电话会议中表示，公司旨在使学习效果与真实教师相当，同时让学习过程像手机游戏一样有趣。</p>
<p>展望未来，多邻国预计第二季度收入为 2.955 亿美元，调整后的 EBITDA 为 7100 万美元。</p>
<p>对于 2026 年全年，公司预计收入为 12.1 亿美元，预订增长 10.5%，达到 12.8 亿美元，同时将 EBITDA 展望提高至 3.1 亿美元。</p>
<p>尽管有这些预测，分析师仍然保持谨慎。</p>
<p>摩根士丹利维持平等权重评级，同时下调其目标价，BofA 证券则小幅上调目标价，同时保持中性立场。</p>

多邻国

<p>多邻国的股票因用户增长低于预期而下跌 8.7%，尽管第一季度的收入强劲，达到 2.92 亿美元，同比增长 27%。该股票今年已下跌 43%，过去 12 个月下跌 79%。日活跃用户增长 21%，达到 5650 万，但未能达到预期。首席执行官 Luis von Ahn 强调了长期增长战略，优先考虑用户基础的扩展，而非短期的货币化。多邻国继续投资于人工智能，预计第二季度收入为 2.955 亿美元，2026 年全年收入为 12.1 亿美元，尽管分析师对用户参与度和增长前景仍持谨慎态度</p>

<p>Shares of Duolingo  fell sharply, dropping as much as 8.7% on Tuesday, as investors focused on weaker-than-expected user growth despite a strong first-quarter revenue performance.</p>
<div class="lb-trans"><p>多邻国的股价大幅下跌，周二最多下跌 8.7%，投资者关注用户增长低于预期，尽管第一季度的收入表现强劲。</p>
</div><p>The stock has declined 43% this year, with losses widening to 79% over the past 12 months.</p>
<div class="lb-trans"><p>该股今年已下跌 43%，过去 12 个月的损失扩大至 79%。</p>
</div><p>The sell-off underscores growing investor concern that the company’s growth strategy may be weighing on near-term engagement metrics.</p>
<div class="lb-trans"><p>此次抛售凸显了投资者对公司增长战略可能影响近期参与度指标的担忧。</p>
</div><p><strong>Revenue beats expectations, but user metrics disappoint</strong></p>
<div class="lb-trans"><p><strong>收入超出预期，但用户指标令人失望</strong></p>
</div><p>Duolingo reported first-quarter revenue of $292.0 million, up 27% year over year and ahead of Wall Street expectations of $289 million.</p>
<div class="lb-trans"><p>多邻国报告第一季度收入为 2.92 亿美元，同比增长 27%，超出华尔街预期的 2.89 亿美元。</p>
</div><p>Total bookings rose 14% to $308.5 million, supported by strong subscription growth.</p>
<div class="lb-trans"><p>总预订量增长 14%，达到 3.085 亿美元，得益于强劲的订阅增长。</p>
</div><p>Subscription revenue climbed 31% to $250.9 million, while advertising revenue increased 15% to $20.6 million.</p>
<div class="lb-trans"><p>订阅收入增长 31%，达到 2.509 亿美元，而广告收入增长 15%，达到 2060 万美元。</p>
</div><p>Adjusted EBITDA came in at $83.4 million, also exceeding expectations of $74 million.</p>
<div class="lb-trans"><p>调整后的 EBITDA 为 8340 万美元，也超出预期的 7400 万美元。</p>
</div><p>However, key user metrics fell short of estimates.</p>
<div class="lb-trans"><p>然而，关键用户指标未能达到预期。</p>
</div><p>Daily active users rose 21% to 56.5 million but missed analyst forecasts of 56.7 million.</p>
<div class="lb-trans"><p>每日活跃用户增长 21%，达到 5650 万，但未能达到分析师预测的 5670 万。</p>
</div><p>Monthly active users reached 137.8 million, below expectations of 145 million.</p>
<div class="lb-trans"><p>每月活跃用户达到 1.378 亿，低于 145 百万的预期。</p>
</div><p>The shortfall in engagement metrics appears to have overshadowed the otherwise solid financial performance.</p>
<div class="lb-trans"><p>参与度指标的不足似乎掩盖了其他方面的良好财务表现。</p>
</div><p><strong>Growth strategy weighs on engagement</strong></p>
<div class="lb-trans"><p><strong>增长战略影响参与度</strong></p>
</div><p>CEO Luis von Ahn emphasized the company’s long-term focus on expanding its user base, even at the expense of short-term monetization.</p>
<div class="lb-trans"><p>首席执行官 Luis von Ahn 强调，公司长期专注于扩大用户基础，即使以短期货币化为代价。</p>
</div><p>&#34;It's still too early to see the impact in our metrics, but our results so far are in line with what we expected,&#34; he wrote in a shareholder letter.</p>
<div class="lb-trans"><p>“现在还为时已晚，无法看到我们指标的影响，但我们的结果与预期一致，” 他在给股东的信中写道。</p>
</div><p>&#34;We believe that a larger user base will make Duolingo a significantly more valuable company, so we are prioritizing teaching better and growing our audience,&#34; he added.</p>
<div class="lb-trans"><p>“我们相信，更多的用户基础将使多邻国成为一家更有价值的公司，因此我们优先考虑更好地教学和扩大受众，” 他补充道。</p>
</div><p>The company has acknowledged that some of its previous monetization strategies may have slowed user growth.</p>
<div class="lb-trans"><p>公司已承认其一些先前的货币化策略可能减缓了用户增长。</p>
</div><p>Von Ahn noted that adding friction—such as increased ad load or subscription prompts—may have contributed to decelerating engagement.</p>
<div class="lb-trans"><p>Von Ahn 指出，增加摩擦——例如增加广告负载或订阅提示——可能导致参与度减缓。</p>
</div><p>Jefferies said initiatives aimed at boosting engagement, including longer free trials and improved subscription perks, have yet to translate into stronger user activity or spending.</p>
<div class="lb-trans"><p>Jefferies 表示，旨在提升参与度的举措，包括更长的免费试用期和改善的订阅福利，尚未转化为更强的用户活动或消费。</p>
</div><p>Slower growth in the US, a key monetization market, has also raised red flags.</p>
<div class="lb-trans"><p>美国这一关键货币化市场的增长放缓也引发了警示。</p>
</div><p><strong>AI investment and long-term outlook remain key focus</strong></p>
<div class="lb-trans"><p><strong>人工智能投资和长期展望仍然是关键焦点</strong></p>
</div><p>Duolingo continues to invest heavily in artificial intelligence as part of its product strategy.</p>
<div class="lb-trans"><p>多邻国继续在人工智能方面进行大量投资，作为其产品战略的一部分。</p>
</div><p>The company said it created 20,500 course units in the first quarter, up significantly from 7,100 units per quarter in 2025.</p>
<div class="lb-trans"><p>公司表示，在第一季度创建了 20500 个课程单元，显著高于 2025 年每季度 7100 个单元。</p>
</div><p>The platform now offers lessons up to professional proficiency across its nine most popular languages.</p>
<div class="lb-trans"><p>该平台现在提供九种最受欢迎语言的专业水平课程。</p>
</div><p>Von Ahn said lessons now incorporate more AI-generated content and expanded speaking practice, along with gamified features such as customizable avatars inspired by video games.</p>
<div class="lb-trans"><p>Von Ahn 表示，课程现在融入了更多的 AI 生成内容和扩展的口语练习，以及受视频游戏启发的可定制化头像等游戏化功能。</p>
</div><p>He said in the earnings call that company aims to make the learning as effective as from a real teacher while making it engaging like a mobile game.</p>
<div class="lb-trans"><p>他在财报电话会议中表示，公司旨在使学习效果与真实教师相当，同时让学习过程像手机游戏一样有趣。</p>
</div><p>Looking ahead, Duolingo expects second-quarter revenue of $295.5 million and adjusted EBITDA of $71.0 million.</p>
<div class="lb-trans"><p>展望未来，多邻国预计第二季度收入为 2.955 亿美元，调整后的 EBITDA 为 7100 万美元。</p>
</div><p>For full-year 2026, it projects revenue of $1.21 billion and bookings growth of 10.5% to $1.28 billion, while raising its EBITDA outlook to $310 million.</p>
<div class="lb-trans"><p>对于 2026 年全年，公司预计收入为 12.1 亿美元，预订增长 10.5%，达到 12.8 亿美元，同时将 EBITDA 展望提高至 3.1 亿美元。</p>
</div><p>Despite these projections, analysts remain cautious.</p>
<div class="lb-trans"><p>尽管有这些预测，分析师仍然保持谨慎。</p>
</div><p>Morgan Stanley maintained an Equal-Weight rating while cutting its price target, and BofA Securities raised its target modestly while keeping a Neutral stance.</p>
<div class="lb-trans"><p>摩根士丹利维持平等权重评级，同时下调其目标价，BofA 证券则小幅上调目标价，同时保持中性立场。</p>
</div>

Duolingo stock sinks: Are weak user metrics the real concern?

Invezz

Jefferies Financial

摩根士丹利

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Bank of America Corp

多邻国的股票下跌：疲软的用户指标是否是真正的担忧所在？