Twitter has announced that it incurred a loss of $145m in the second quarter of 2014, which is three times the loss it reported in the same period a year ago, but it has managed to add 16 million new users worldwide.
The microblogging site has reported it has 271 million monthly users, which is an increase of 24% compared to the same quarter of 2013.
Twitter is far behind Facebook, which has a user base of 1.3 billion active users in the previous quarter.
During the quarter the company reported a 124% increase in revenue to $312m compared to the $139m it reported during the corresponding quarter last year – more than the analyst expectations of $281.1m.
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."
Twitter claims that more than 78% of its users access the site from mobile devices, and it got 81% of its total ad revenues from mobile ads in the second quarter – up by 80% when compared to the same quarter in 2013.
Costolo added: "We had a very strong first quarter. Revenue growth accelerated on a year over year basis fueled by increased engagement and user growth.
"We also continue to rapidly increase our reach and scale."
