Update: In after-hours trading, Twitter is now up more than 20 percent following its massive beat.

Update II: Twitter is now up just under 30%. Pretty sure Twitter HQ is where the party will be at tonight. 

This afternoon Twitter reported its second quarter financial performance, including revenue of $312 million, and earnings per share of $0.02. The street had expected Twitter to lose a penny per share on revenue of $283.07 million.

Its revenue in the quarter was up 124 percent from the year-ago period. In the second quarter of 2013, Twitter’s revenue totaled $139.3 million. In its most recent, sequential quarter, Twitter had revenue of $250 million.

In the period, 81 percent of Twitter’s ad revenue came from mobile advertising.

The company reported that it has 271 million monthly active users, up from its 255 million tally in the first quarter of 2014. That’s up 24 percent, year-over-year.

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