Twitter revenues more than double on ad sales, user growth

Breaking News July 30, 2014 00:00

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Los Angeles - The online messenger service Twitter reported a quarterly revenue of 312 million dollars, a 124-per-cent increase compared to 139 million dollars a year earlier, the San Francisco based company said Tuesday.

Much of the revenue boost came from a 29 per cent increase in advertising sales.

Active members reached 271 million as of June 30, an increase of 24 per cent compared to the same period a year earlier.

Shares jumped 35 per cent to over 52 dollars in extended trading following the announcement. The rapid increase of users was closely watched by investors.

The social-media company went public in November 2013 at a price of 26 dollars per share.

"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," said Dick Costolo, chief executive officer of Twitter.

The growth, however, came at a price. Twitter reported a net loss of 145 million dollars in the second quarter of 2014 compared to a loss of 42 million dollars a year earlier.

The loss included 158 million dollars of stock-based compensation expenses, the company said.


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