Twitter suffers £86m loss but gains users
Twitter continues to endure the dichotomy of an ever increasing user base and a failure to turn any profit from that in its latest set of financial results covering the second quarter from March to June.
Over the period the social media platform recorded an £86m loss despite adding 16m users over the same timeframe, taking its monthly users total up to 271m – a 24 per cent rise on a year ago following a World Cup boost.
The financial hit is more than three times what Twitter reported over the same period last year however, stoking investor concerns that the micro-blogging service is not growing fast enough.
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Despite this shares in Twitter rose by 35 per cent when the results were published as advertising revenue grew by a healthy $277m with the majority of this haul deriving from mobile users, which now accounts for 78 per cent of activity.
Twitter chief Dick Costolo said in a statement: "Our strong financial and operating results for the second quarter show the continued momentum of our business."