Twitter Reports 124 Percent Revenue Spike

The micro-blogging site hit all the right notes on Tuesday when it reported earnings for the three months ended in June — sending the stock up a sensational 33 percent in late trading, according to The NY Post.

It was Costolo’s third time reporting earnings since Twitter took its stock public in a big splashy IPO last year. And it’s the first earnings report that hasn’t sent the stock plummeting amid fears that Twitter is having trouble growing and retaining users.

Costolo said revenue for the second quarter rose 124 percent over last year, to $312 million, well above Wall Street’s expectations of $283 million in sales.

The company’s losses widened to $144.6 million, or 24 cents a share, from losses of $42 million last year. But excluding expenses and items, Twitter earned 2 cents a share, above analysts’ expectations for a net loss excluding items of 1 cent a share.

Twitter also raised its revenue forecast for the upcoming third quarter to between $330 million and $340 million, above analyst’s projections for $324 million.

The stock jumped as much as 33 percent in late trading to above $50 a share after closing up 1.7 percent on Tuesday at $38.59 a share.

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