Micro-blogging site Twitter's CEO reported the earnings for the third time, registering growth in net profit after recovering from heavy losses. The positive results helped the stock with a sensational 33% in the late trading.

Just before the company took hold of its stock in IPO last year, timeline views became a primary cause of anxiety on Wall Street in the last two quarters. The views fell below a high of 159 billion in the third quarter of 2013.

Costolo said revenue for the second quarter rose 124% over last year to $312 million, well above Wall Street's expectations of $283 million in sales.

The company's losses widened to $144.6 million or 24 cents a share from losses of $42 million last year. After excluding expenses and items, Twitter earned 2 cents a share, above analysts' expectations for a net loss excluding items of 1 cent a share.

Twitter also raised its revenue forecast for the upcoming third quarter to between $330 million and $340 million, above analysts' projections for $324 million. The stock jumped as much as 33% in late trading to above $50 a share after closing up 1.7% on Tuesday at $38.59 a share.

Costolo has speculated a continuous user growth around FIFA World Cup in Brazil, allowing the fans to follow tweets around their favorite teams more easily.

"That has given me confidence that we can create great user experience by organizing content around live events", Costolo said in the conference call.

Regardless of Twitter's second-quarter successes, it has a long way to reach the pinnacle as Facebook still enjoys 1.3 billion monthly active users.

Costolo still predicts that Twitter will one day "reach the largest audience in the world" and "everyone on the planet".