Twitter Stock Jumps on Soaring Revenue, but Growth Remains a Concern
SAN FRANCISCO - Twitter reported a jolt of growth in the second quarter, driven in part by heavy use of the service during the World Cup soccer tournament. The strong results surprised Wall Street, and prompted investors to send the company's shares up 30 percent in after-hours trading. Revenue soared 124 percent, and the average number of people using the microblogging service in June was up 6 percent from March. However, Twitter faced continuing problems getting people to return to the service, with the average user refreshing his or her Twitter feed 792 times a month on average during the quarter, less than the first quarter and last year's second quarter. Still, Twitter has demonstrated an ability to extract more advertising revenue from each user, and it is adding new products that also allow it to sell ads in other companies' mobile applications. For the quarter that ended June 30, the company reported revenue of $312 million, up from $139 million a year ago. Analyst...