Twitter reports $116.5m second quarter loss

San Francisco: Twitter Inc. on Thursday reported a loss of $116.5 million (Dh427.8 million) in its second quarter. On a per-share basis, the San Francisco-based company said it had a loss of 16 cents.

Earnings, adjusted for one-time gains and costs, came to 8 cents per share. The short messaging service posted revenue of $573.9 million in the period, also topping Wall Street forecasts. Ten analysts surveyed by Zacks expected $536.8 million.

The results beat Wall Street expectations. Beginning with the April-June quarter, Twitter changed the way it calculated adjusted earnings. Under the old method, it would have been 12 cents per share. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.