04:43 PM EDT, 08/07/2024 (MT Newswires) -- Thinkific ( THNCF ) after hours on Wednesday reporting it swung to second-quarter profit on higher revenue.

The cloud-based software platform said it earned US$0.9 million, or US$0.01 per share, in the period, compared with a loss of US$2.1 million, or US$0.03, last year.

Revenue increased 12% to US$16.2 million, within Thinkific's ( THNCF ) guidance range of US$16.1 million - US$16.4 million.

For the third quarter, Thinkific ( THNCF ) expects revenue of US$17 million - US$17.3 million, a 14%-16% growth.

"We had a strong close to the second quarter which saw record new customer bookings in Plus, and a significant acceleration in the adoption of Thinkific Commerce Platform at the end of the quarter." said Corinne Hua, chief financial officer. "We expect acceleration in the top line growth rate for Q3, and we will continue investing in our growth initiatives while remaining committed to Thinkific's ( THNCF ) strategy of profitable growth."

Thinkific ( THNCF ) shares closed down $0.02 to $3.21 on the Toronto Stock Exchange.