Twitter Inc. reported second-quarter sales that topped analysts’ projections, a bright spot for the growth-challenged company as it seeks a new chief executive officer. Shares jumped as much as 12 percent.
In the second quarter, revenue rose 61 percent to $ 502.4 million, the social-media company said Tuesday in a statement. That exceeded analysts’ average projection for $ 481.9 million, according to data compiled by Bloomberg.
As interim CEO Jack Dorsey races to update Twitter’s offerings to attract a broader range of users, its sales team has been making deals to help advertisers use the site more effectively and get more out of their marketing spending. The moves are giving Twitter some time to solve its underlying problem: It’s much smaller than the competition. The company today reported 316 million monthly users, while Facebook Inc.’s social network has 1.4 billion.
Shares of San Francisco-based Twitter gained 4.5 percent in extended trading after climbing as high as $ 41. They rose 5.3 percent to $ 36.54 at the close in New York. The stock has gained 1.9 percent this year.