Twitter reports $145 million profit loss in Q2 2014

Twitter reported a loss of $145 million during Q2 2014.

That is more than triple the loss Twitter reported during the same period a year ago.

The social networking service said it had 271 million monthly users – up 24% from a year ago – allaying investor fears that the service is not growing fast enough.

Shares in the company soared over 35% in after-hours trading.

Twitter reported a loss of $145 million during Q2 2014

“Our strong financial and operating results for the second quarter show the continued momentum of our business,” said Twitter CEO Dick Costolo in a statement, noting the company’s strong user figures during the World Cup.

However, in an interview with CNBC, Dick Costolo said that it was not just the World Cup that drove user growth, in an effort to allay fears that the company would not be able to keep the users it gained during the sporting event.

Twitter said it added 16 million new users during the March to June period – 13 million internationally and 3 million in the US.

Advertising revenue grew 129% from the same period a year earlier to $277 million. Crucially for investors worried about shifting user habits, a majority of that advertising revenue came from mobile advertising.

Twitter said more than 78% of its users access the service on their mobile devices.