NEW YORK, Jan 12, 2026, 10:19 AM EST — Regular session
Duolingo shares dropped roughly 7% Monday following the announcement that CFO Matt Skaruppa is stepping down. The language app company also released a preliminary update on its Q4 operating metrics. 1
This move is significant as Duolingo has relied on consistent execution and strict cost management to back its premium subscription model. A change in CFO can rattle investors, even if the core product narrative remains strong.
The timing is notable as the company shifts focus back to user growth and teaching quality, offering only a limited early glimpse at bookings — a crucial indicator of short-term demand.
Duolingo announced that Gillian Munson, currently a board member and audit committee chair, will step in as CFO starting Feb. 23. CEO Luis von Ahn praised Skaruppa as “an exceptional financial leader,” while Skaruppa himself called Duolingo “the most rewarding chapter of my career.” Munson described accepting the role as “an easy yes.” 2
A securities filing revealed Munson’s base salary is $800,000. On top of that, she’s set to get restricted stock units worth $14 million, based on the stock’s average closing price over the 30 trading days before the grant date. 3
Another filing detailed Skaruppa’s handoff: he’ll remain CFO until his replacement steps in, then move into an adviser role averaging about 20 hours weekly. The deal pins his pay at $32,292 a month during that stretch, with the arrangement potentially lasting until Nov. 20, 2026, depending on how things unfold. 4
Duolingo reported a roughly 30% jump in daily active users year over year for the quarter ending Dec. 31. The company also said bookings came in at or just above the top of its earlier forecast, which ranged from $329.5 million to $335.5 million. Bookings reflect sales logged during the period, ahead of revenue recognition on the income statement.
The broader market barely budged, putting the spotlight on Duolingo-driven moves. The S&P 500 ETF SPY slipped roughly 0.1%, while the Nasdaq-100 ETF QQQ dipped around 0.2%.
Education-tech stocks saw little movement: Coursera held steady, Udemy edged up slightly, and Chegg dipped amid light trading.
Monday’s decline serves as a reminder that preliminary operating flashes can swing either way. Duolingo didn’t share early profit numbers, and its remarks about prioritizing product investment “even when it involves near-term tradeoffs” might shift attention toward margins as much as user growth.
Investors are now turning to Duolingo’s full Q4 report and its 2026 forecast. They’ll also watch closely to see if the early bookings range narrows, all ahead of Munson officially stepping into the finance role on Feb. 23.
