Twitter Inc. on July 27 reported a 23.8% year-over-year gain in revenue for the second quarter to $710.5 million, up from $573.9 million in the prior-year period.

Net income was $100.1 million, or 13 cents per share, compared to a net loss of $116.5 million, or a loss of 16 cents per share, a year ago. Notably, the quarterly income includes $42 million net tax benefit primarily driven by the release of a valuation allowance for Brazil.

The normalized S&P Capital IQ consensus estimate for the quarter was 16 cents.