Twitter: Shares soar as revenue doubles

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TWITTER chief executive Dick Costolo is getting the company back on track with Wall Street by drawing people to use the service more, sending shares soaring more than 29 percent in early trading yesterday. The microblogging company on Tuesday reported revenue more than doubled to $312.2 million (R3.3 billion) in the second quarter and user growth, buoyed by World Cup-related demand, jumped 24 percent, topping analysts’ estimates. While the net loss widened to $144.6m, Twitter forecast sales for the current quarter that exceeded estimates and raised its full-year guidance. Shares jumped as high as $49.95 before the markets opened yesterday. – Bloomberg


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