Shares of Duolingo Inc. jumped nearly 28% on Wednesday after the language-learning app reported faster user growth for a second straight quarter, topped revenue forecasts and raised its full-year sales outlook, sparking a sharp rebound in a stock that had lost about half its value over the past year.

Duolingo shares rose $35.70 to $163.70 in Wednesday trading, with nearly 895,000 shares traded. The gain lifted the company's market value to about $7.6 billion, though the stock remains roughly 51% lower than a year ago.

The surge followed a weak regular session on Tuesday. Shares had closed 5.37% lower before the company released results after the bell, then rose about 12% in after-hours trading.

User growth accelerates

Daily active users were the headline. DAUs grew 29% from a year earlier, up from 23% in the prior quarter, marking a second straight quarter of acceleration.

Co-founder and Chief Executive Luis von........

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