San Francisco: Stronger-than-expected results pushed Twitter’s stock sharply higher on Tuesday after the short messaging service said its revenue more than doubled in the second quarter.
The San Francisco-based company’s stock jumped 29.6 per cent to $50.01 in extended trading after the results came out.
Twitter 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.
Revenue was $312.2 million, up from $139.3 million.
Analysts polled by FactSet were expecting revenue of $283.3 million.
Average monthly users were 271 million as of the end of June, up 24 per cent from a year earlier and up 6 per cent from the end of March.
Mobile advertising revenue was $224 million, or 81 per cent of the quarter’s total ad revenue. In the first quarter, mobile ad revenue amounted to about 80 per cent of total ad revenue.
Twitter went public last November, setting a price of $26 per share for its stock, which then soared amid hungry investor demand. The stock peaked in December at $74.73 and then declined sharply.