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Duolingo 's stock cratered 27% on lighter-than-expected guidance as the language learning platform zeroed in on user growth in lieu of near-term monetization.

"We have made a slight shift over the last quarter in how we invest, and we're investing a lot more in long-term things because we see that as such a big opportunity ahead of us," CEO and co-founder Luis von Ahn told CNBC's Jon Fortt.

For the current quarter, Duolingo expects bookings to range between $329.5 million and $335.5 million, falling short of a $344.3 million estimate from FactSet. Adjusted EBITDA was forecasted to range between $75.4 million and $78.8 million, versus the $80.5 million expected.

Duolingo grew paid subscribers to 11.5 mill

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