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We remain focused on driving increased user growth: Dick Costolo

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MUMBAI: Micro blogging site, Twitter has had an interesting second quarter. The company has announced its financial results for the second quarter ended 30 June 2014.

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

"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," he added.

It can be noted that Twitter’s Q2 revenue was $312 million, up 124 per cent year-over-year. The company reported Q2 net loss of $145 million and non-GAAP net income of $15 million, Q2 GAAP EPS of ($0.24) and non-GAAP EPS of $0.02 and Q2 adjusted EBITDA of $54 million, representing an adjusted EBITDA margin of 17 per cent.

According to a report by AP, San Francisco-based Twitter's stock jumped 30 per cent to $50.01 in extended trading Tuesday.

It can be noted that Twitter introduced new product experiences that were built around the World Cup, including real-time scoring, push notifications, event and match timelines, and a voting ballot feature. In addition, Twitter also launched new web profiles and the ability to send private messages within Vine.

Twitter also launched a number of new advertiser tools including mobile app promotions, which allow mobile app developers to drive installs and engagements on Twitter, and website cards, which allow advertisers to easily surface website content within a Tweet and drive relevant traffic to any page of their site such as their home page, product page, or an important blog post.

Twitter continued the international expansion of its advertising products, expanding state/region geo-targeting to help marketers meet local advertising objectives in additional countries including the UK, France, and Indonesia, among others, and launching its self service ad platform for small and medium sized businesses in Spain, Israel and South Africa.

Twitter closed the acquisition of Gnip, a leading provider of social data, and entered into agreements to acquire several other companies including TapCommerce, a leader in mobile retargeting and re-engagement advertising, and SnappyTV, a platform for video editing and distribution.

Second Quarter 2014 Financial Highlights

Revenue: Revenue for the second quarter of 2014 totalled $312 million, an increase of 124 per cent compared to $139 million in the same period last year.

• Advertising revenue totalled $277 million, an increase of 129 per cent year-over-year.

• Mobile advertising revenue was 81 per cent of total advertising revenue.

• Data licensing and other revenue totalled $35 million, an increase of 90per cent year-over-year.

• International revenue totalled $102 million, an increase of 168 per cent year-over-year.

• International revenue was 33 per cent of total revenue

Net loss: GAAP net loss was $145 million for the second quarter of 2014 compared to a net loss of $42 million in the same period last year. Twitter's GAAP net loss included $158 million of stock-based compensation expense.

Adjusted EBITDA: Adjusted EBITDA was $54 million for the second quarter of 2014, an increase of 461 per cent compared to $10 million in the same period last year.

Non-GAAP net income / loss: Non-GAAP net income was $15 million for the second quarter of 2014 compared to a Non-GAAP net loss of $16 million in the same period last year.

EPS: Basic and diluted GAAP EPS was ($0.24) for the second quarter of 2014 compared to ($0.32) in the same period last year.

Non-GAAP EPS: Non-GAAP EPS was $0.02 for the second quarter of 2014 compared to ($0.12) in the year ago period.

Capital expenditures: Purchases of property and equipment for the second quarter of 2014 were $44 million. Additionally, $31 million of equipment was financed through capital leases during the second quarter of 2014.

Cash, cash equivalents and marketable securities: As of 30 June 2014, cash, cash equivalents and marketable securities were approximately $2.1 billion, compared to $2.2 billion as of 31 March 2014.

Way ahead!

Twitter's outlook for the third quarter of 2014 is as follows:

Twitter's outlook for the third quarter of 2014 is as follows:

• Revenue is projected to be in the range of $330 million to $340 million.

• Adjusted EBITDA is projected to be in the range of $40 million to $45 million.

• Stock-based compensation expense is projected to be in the range of $180 million to $190 million excluding the impact of equity awards that may be granted in connection with potential future acquisitions.

Twitter's revised outlook for the full year of 2014 is as follows:

• Revenue is projected to be in the range of $1,310 million to $1,330 million.

• Adjusted EBITDA is projected to be in the range of $210 million to $230 million.

• Capital expenditures are projected to be in the range of $330 million to $390 million.

• Stock-based compensation expense is projected to be in the range of $640 million to $690 million excluding the impact of equity awards that may be granted in connection with potential future acquisitions.

Click here to read the financial report

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