NEW YORK (TheStreet) -- Shares of Twitter (TWTR - Get Report) are skyrocketing 26.2% to $48.70 in pre-market trading today as the social media company reported second quarter earnings that beat analysts' expectations with $312 million in revenue, up 124% from the same quarter last year, and a profit of 2 cents per share.
This morning, the company was upgraded to "buy" from "neutral" at Bank of America/Merrill Lynch (BAC), which raised its price target to $60 from the $40, citing Twitter's positive second quarter earnings and user growth.
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TheStreet's Ruben Ramirez has details on Twitter's Q2 beat: