NEW YORK (AP) — Stronger-than-expected financial results pushed Twitter's stock sharply higher on Tuesday after the short messaging service said its revenue more than doubled in the second quarter.
Twitter also grew its user base more than expected, alleviating concerns, at least for now, that it doesn't hold appeal for a broad swath of people. Its larger rival, Facebook, also posted strong results last week and its stock is trading near a record high.
San Francisco-based Twitter's stock jumped 30 percent to $50.01 in extended trading Tuesday.
Twitter Inc. posted a net loss of $144.6 million, or 24 cents per share, in the April-June period. That compares with a loss of $42.2 million, or 32 cents per share, a year earlier when Twitter was still a private company.
Adjusted earnings were 2 cents per share in the latest quarter, beating analysts' expectations of a loss of 1 cent, according to FactSet. These numbers exclude stock compensation expenses.
Revenue was $312.2 million, up from $139.3 million thanks to help from new advertising tools Twitter launched in recent months, as well as international expansion.
Analysts polled by FactSet were expecting lower revenue of $283.3 million.
Mobile advertising revenue was $224 million, or 81 percent of the quarter's total ad revenue. In the first quarter, mobile ad revenue amounted to about 80 percent of total ad revenue.
"Our strong financial and operating results for the second quarter show the continued momentum of our business," said CEO Dick Costolo in a statement. "We remain focused on driving increased user growth and engagement, and by developing new product experiences, like the one we built around the World Cup, we believe we can extend Twitter's appeal to an even broader audience."
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