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NEW YORK (TheStreet) –– Twitter (TWTR) - Get Twitter, Inc. Report was surging in after-hours trading after the social media powerhouse more than doubled its advertising revenue and added more than 16 million net monthly users. 

Shares were gaining 29% to $38.59.

Twitter reported $312 million in revenues in its second quarter, a 124% increase year-over-year, and earned 2 cents per share, handily beating analyst forecasts. Analysts polled by Thomson Reuters expected Twitter to lose 1 cent per share on revenues of 283.07 million. Last quarter, Twitter reported a flat earnings per share, which beat consensus estimates of a 3 cent loss.

As of the end of the quarter, Twitter had 271 average monthly active users (MAUs), a 24% increase year-over-year. Mobile MAUs increased 29% year-over-year to 211 million, or 78% of total MAUs. Timeline views increased 15% year-over-year to 173 billion. 

The social network's advertising revenue totaled $277 million, a 129% increase year-over-year; 81% of advertising revenue was from mobile advertising. Advertising revenue per thousand timeline views increased 100% year-over-year to $1.60. 33% of the total revenue was from outside the United States. 

"Our strong financial and operating results for the second quarter show the continued momentum of our business," said CEO Dick Costolo in the press release. "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."

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Twitter issued full-year revenue guidance between $1.31 billion and $1.33 billion, well ahead of analysts' forecast of $1.27 billion. The company held $2.1 billion in cash and marketable securities at the end of the quarter. 

Among the highlights mentioned in the report were Twitter's efforts to engage users during this year's World Cup, including "real-time scoring, push notifications, event and match timelines, and a voting ballot feature." The report also mentioned several acquisitions, including Gnip, which aggregates social media data; TapCommerce, a mobile advertising startup; and SnappyTV, a video editing platform.

The stock closed higher in regular trading, rising 1.8% to $38.60.

Twitter's earnings call is today at 5:00 pm EST.

--Written by Laura Berman in New York

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