TWTR +33% AH!

Twitter posts earnings of 2 cents per share, tops estimates; Stock surges past 30%

Twitter jumped sharply on Tuesday after the social media company easily topped earnings and revenue expectations.

The firm posted earnings of 2 cents a share, ex-items, compared to a loss of 12 cents a share, ex-items, in the year-ago period. The company also reported a revenue of $312 million, an increase of 124 percent year-over-year. Shares popped following the earnings report. (Click here to track its shares following the report.)

Monthly average users grew 24 percent year-over-year to 271 million, as of June 30, 2014, the firm said in a release.

Ad revenue increased 129 percent year-over-year, to a total of $277 million, of which 81 percent came from mobile advertising.

• CNBC

Submitted July 29, 2014 at 04:38PM by StockJock-e http://ift.tt/1toRP0i