Twitter (TWTR) zooms 29% higher on strong sales and mobile growth

NEW YORK (CNNMoney) -- Things are looking up for Twitter -- or at least, for its stock price.

Twitter shares surged 29% in after-hours trading Tuesday after it posted strong second-quarter sales. Twitter's better-than-expected quarterly report helped allay fears among investors about the company's growth.

Of particular note was Twitter's success with mobile users. The number of Twitter users on mobile grew 29% versus last year. Twitter also raised its projection for total 2014 sales to up to $1.3 billion.

It has been a rough year for Twitter. Shares have fallen by more than 40% since the start of 2014 as investors have questioned how much more Twitter can grow -- and whether it can cash in on its user base. Chief operating officer Ali Rowghani resigned in June, and the company named a new chief financial officer a few weeks ago.

Twitter still lost money in the second quarter -- $145 million, to be exact -- but CEO Dick Costolo touted the company's performance as evidence of "continued momentum."

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