Twitter reports second quarter results

Jul 29 2014, 11:36pm CDT | by , in News | Technology News

Twitter reports second quarter results
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Twitter remains unprofitable. But user growth surged.

Twitter went from 14 million monthly users last quarter to 16 million this quarter - a 6.3 percent increase. The average number of users as of June is 271 million - a 24 percent annual increase. Twitter's advertising revenues for the second quarter are mostly from mobile devices. It amassed $312 million, up from $250 million last quarter.

Twitter says that roughly 78 percent of its active users are on mobile. According to the social network, its revenue has been up by 124 percent year-over-year. Twitter's GAAP profits showed a loss of $145 million, but non-GAAP numbers made a small profit of $15 million, exceeding analyst expectations.

Twitter's shares went up by 29 percent ($49.62) after trading hours, breaking its first-day closing price of $44.90, according to the Wall Street Journal. It's worth noting that companies are required to use GAAP rules when reporting financial statements.

Twitter CEO Dick Costolio credits the success of the company to its new product experiences, similar to what it did at the World Cup when it encouraged users to monitor scores or goals, to be exact.

"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," he said.

Source: Twitter

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