An expanding user base has doubled Twitter's revenue
Stronger than expected financial results has pushed Twitter's stock sharply higher 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 does not 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% to $50.01 in extended trading.
Twitter posted a net loss of $144.6m (£85.5m), or 24 cents per share, in the April-June period. That compares with a loss of $42.2m (£24.9m), or 32 cents per share, a year earlier when Twitter was a private company.
Adjusted earnings were two cents per share in the latest quarter, beating analysts' expectations of a loss of one cent. These numbers exclude stock compensation expenses.
Revenue was $312.2m (£184.7m), up from $139.3m (£82.4m) thanks to help from new advertising tools introduced by Twitter as well as international expansion.
Analysts polled by FactSet were expecting lower revenue of $283.3m (£167.6m).
Mobile advertising revenue was $224m (£132.5m), or 81% of the quarter's total ad revenue. Twitter went public last November.