Twitter Stock Soars After Strong Quarterly Beat

Shares of Twitter Inc. jumped 3% in after-hours trade Tuesday after the microblogging site said it topped sales and non-GAAP earnings expectations for the second quarter on a sharp rise in advertising revenue. Twitter reported a net loss of $136.7 million, or 21 cents a share, compared with a year-earlier loss of $144.6 million, or 24 cents. Excluding one-time items, the company said it earned 7 cents a share, topping average analyst estimates of 4 cents, according to FactSet. Revenue increased 61% year-over-year to $502.4 million from $312.2 million a year ago, above the Street's view of $482 million. For the third quarter, Twitter is forecasting revenue between $545 million and $560 million, bracketing the consensus view of $556 million. For the full year, it's calling for revenue in the range of $2.2 billion to $2.27 billion, mostly above the average analyst estimate of $2.2 billion. The company also reduced its estimate on capital expenditures, to a range of $450 million to $550 million.