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Twitter's shares rocketed 20% higher in regular trading Wednesday to $46.30 after soaring more than 30% in the prior session as the social media firm beat Wall Street's forecasts for profit and user growth.

Twitter reported earnings of two cents per share. The earnings beat analysts' estimates of a loss of a penny a share. Revenue was expected to rise to $283.4 million but came in at $312 million.

Twitter gained 16 million users in the second quarter, up from 255 million monthly active users in December. Those users sent an average of 500 million Tweets a day.

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