Twitter shares jumped as much as 35% in after-hours trading after the social-media company posted better-than-expected earnings for the second quarter of 2014.

The company reported revenue for the period of $312 million, up 124% year-over-year, and a net loss of $144.6 million (versus a net loss of $42.2 million in the year-earlier period).

Twitter’s average monthly active users were 271 million as of June 30, 2014, up 24% from a year ago, beating Wall Street analyst estimates of 265 million monthly active users for Q2.

“Our strong financial and operating results for the second quarter show the continued momentum of our business,” Twitter CEO Dick Costolo said in a statement. “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.”

Costolo, on the company’s earnings call, highlighted the 2014 FIFA World Cup as driving up Twitter usage during the second quarter but also said product changes were the primary growth factors.

SEE ALSO: World Cup: Germany-Brazil Match Scores Twitter, Facebook Records for Sports Chatter

Twitter gained a net 16 million monthly active users in Q2, the most in five quarters. But “the World Cup itself didn’t really add” to the monthly active user base, according to Costolo. Rather, the soccer tournament boosted engagement: “During the World Cup, we delivered the kind of events experience that I have wanted to see from us for some time,” he said. “We served up tailored experiences for each individual match and for the overall World Cup and these experiences felt alive… That has given me confidence that we can create great user experiences by organizing content around topics and live events.

Twitter shares closed at $38.59 per share Tuesday, rising to $52.22 in after-hours trading before settling down to just under $50 per share.

Costolo said on the call that less than 5% of Twitter accounts are bogus — which is the same figure the company provided last fall for fake users when it launched its initial public offering.