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Analyst
Bryan Smilek
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 9on tracked calls
- Challenge rate
- 0%none of 9 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 9 of 9 questions from 2 companies
DUOLDuolingo, Inc.8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
could you share more color on just overall retention by cohort.
Show response
Asked about cohort retention; Luis said essentially all user-retention metrics, including CURR, are at all-time highs and compounding into DAU growth.
Calendar 2026 Q1
can you help me think about the puts and takes that drive back-half reacceleration?
Show response
Munson attributed the tough Q2 comp to last year's Energy launch and cautioned against banking on early investment returns for DAU; partial.
Can you discuss the affiliated impact on Max overall? Are you seeing Max subscribers cross back down to Super?
Show response
Asked about Super video-call cannibalizing Max; von Ahn said video call is being tested on new Super subscribers with no change to Max yet; direct.
Calendar 2025 Q4
what are the, call it, 1 to 2 top priorities across the product that will really enhance that DAU growth
Show response
Luis named the three investment buckets: teaching languages better, improving the free experience, and new subjects like chess. Direct.
Calendar 2025 Q3
can you just help us better understand the underlying drivers of DAU growth in the 4Q and engagement overall?
Show response
Asked about Q4 DAU drivers and U.S. marketing; Luis said Q3 DAUs grew 36% and that pausing unhinged social posts hurt virality, with recovery underway as posting resumed.
Calendar 2025 Q2
how do you think about overall pricing of Max in some of these international markets as the cost of compute comes down
Show response
Framed Max pricing around LTV optimization, relative Super/Max value and falling compute costs, which open room to experiment with tiers and enter new geographies over time.
Calendar 2025 Q1
what are you seeing on the product optimization cycle that’s driving better resurrected user growth
Show response
Luis cited 49% YoY DAU growth from product improvements and word-of-mouth, and said English learners are growing faster and remain under-indexed.
Calendar 2024 Q4
can you help us understand which cohorts are exhibiting the strongest growth by language or geo?
Show response
Skaruppa said Max markets look like Super markets and its 5% came from both brand-new subscribers and upgrades from existing Super subs.
SHOPShopify1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
Can you just talk about the ability to onboard new enterprises quicker and truncate that selling cycle?
Show response
Harley cited Balmain migrating in weeks and said larger brands want a future-proofed 'final migration' partner; once they come to Shopify, they stay.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DUOL Duolingo, Inc. | 8 | 0%none of 8 questions |
| SHOP Shopify | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Subscriber Growth6
- Demand4
- Pricing2
- Product Launch2
- Cloud & AI2
- Competitive Dynamics1
- Guidance Reliability1
- Margin1