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Twitter proves skeptics wrong

Twitter posted solid growth in user metrics for its second quarter, including strength in mobile, which allowed the social media platform to exceed sales and profit forecasts.

Twitter said it had 271 million monthly active users during the quarter ended June 30, an increase of 24% compared to the prior year. Roughly 78% of those users were on mobile devices, a 29% increase from the prior year.

"Our strong financial and operating results for the second quarter show the continued momentum of our business," said Twitter CEO Dick Costolo. "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."

Revenues during the quarter increased 124% to $312 million from $139 million. The surge in sales did not help the company’s bottom line as Twitter report a net loss of $144 million compared to $42 million the prior year. However, on an adjusted basis, Twitter said it earned $14.6 million compared to a prior year loss of $16.3 million.

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