Shares of Duolingo Inc. were up 8% after hours on Tuesday after the language-learning app reported second-quarter results that beat expectations, helped by a jump in paid subscribers. The company reported net income of $3.7 million, or 9 cents a share, contrasting with a loss of $15 million, or 38 cents a share, in the same quarter last year. Revenue rose to $126.8 million, compared with $88.4 million in the prior-year quarter. Analysts polled by FactSet expected a 19-cent per-share loss on revenue of $123.7 million. Total bookings jumped 41% to $137.5 million, with subscription bookings up 43% to $106.3 million. Paid subscribers were 5.2 million, a 59% increase.
