Although Twitter's losses increased in Q2 as well, the platform's share price rocketed up more than 20 percent as investors were soothed by its growth.
Twitter has revealed it made $312 million in revenue for the second quarter of 2014, and that its user base grew to 271 million, although its losses increased to $144 million.
Twitter’s revenue marked a 124 percent increase on the same period last year when it brought in $139 million, demonstrating the company's platform and reach with Web users is of increasing interest to advertisers.
Specifically, Twitter said advertising revenue was $277 million for the quarter, up 129 percent on the same period last year, and 81 percent of this was spent on mobile advertising. Data licensing accounted for $35 million, a 90 percent increase over the same period last year.
These figures clearly impressed investors, with the platform's share price rocketing up by more than 20 percent in pre-market trading, adding billions to the company’s valuation.
This boost to its share price came despite the company reporting a significant increase in its losses, which were $145 million for the period, up from $42 million in the same period last year.
Purchases of company's like TapCommerce, Gnip, and SnappyTV were closed in the quarter, Twitter confirmed, which could well be the cause of the increased losses. It also revealed it spent $44 million on "property and equipment" in Q2 of 2014.
Twitter's chief executive, Dick Costolo, says the growth proves Twitter is heading in the right direction, citing recent major events as proof Twitter is the most popular social platform.
"Our strong financial and operating results for the second quarter show the continued momentum of our business," he says.
"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."
This article was originally published on V3.
Pro Rank Tracker is a cutting-edge ranking tracking tool for keeping you up-to-date with all the latest changes in the rankings of your websites and videos.
Dan Worth is the news editor for V3 having first joined the site as a reporter in November 2009. He specialises in a raft of areas including fixed and mobile telecoms, data protection, social media and government IT. Before joining V3 Dan covered communications technology, data handling and resilience in the emergency services sector on the BAPCO Journal.
Traditionally desktops have shown to convert better than mobile devices however, 2015 might be a tipping point for mobile conversions! Download this report to find why mobile users are more important then ever.
Have you ever wondered what factors influence online spending or why shoppers abandon their cart? This data-rich infogram offers actionable insight into creating a more seamless online shopping experience across the multiple devices consumers are using.
October 13, 2015
1pm ET/ 10am PT
November 12, 2015