Twitter grows user base and doubles revenue as share price soars

Twitter has posted a 24% increase in active users and more than doubled its revenue from last year to $US312.2 million ($A332.7 million).

Twitter revealed the strong figures in its quarterly earnings overnight in the US, joining a string of tech majors to have recently posted strong April-June quarterly figures, including Apple and its biggest rival, Facebook.

Twitter reported it had 271 million monthly active users as of June 30, 2014, compared to 255 million in the first quarter of this year. Of those, 211 million users or 78% of all active users accessed Twitter from their mobile.

The company also posted a profit of $US0.02 per share, surpassing predictions it would post a loss and resulting in its share price skyrocketing 35% after-hours on Wall St. Twitter had previously dropped around 40% of its market value since the start of 2014.

“Our strong financial and operating results for the second quarter show the continued momentum of our business,” Twitter chief executive Dick Costolo said in 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,” he said.

Twitter’s advertising revenue totalled $US277 million for the quarter, an increase of 129% year-over-year. Mobile advertising revenue was 81% of total advertising revenue.

According to The Guardian, the stock price surge came even as some analysts highlighted the company’s losses for the quarter, which had widened to $US144.6m or US24 cents a share, compared to losses of $US42.2m or US32 cents a share last year.

Twitter’s 271 million user base is still overshadowed by rival Facebook’s 1.3 billion users.