Twitter earned $168.6m in revenue in Q3 2013, an update to the S-1 filing for its upcoming IPO has revealed, more than double the amount seen at the same time a year earlier.

This means the company has already made $422m this year, so is on course to smash half a million by the end of 2013. Full-year revenues for 2012 reached $316m.

But the companys net losses have also grown, reaching $64.6m in Q3, compared with just $21.6m last year. The company says that the costs of adding new features and products, like the Vine video platform, as well as R&D, sales and marketing, ‘have grown rapidly as we have expanded our business’. Sales and marketing expenses rose to $61.2m from $23.7m in Q3 2012.

Ad revenue has grown from 85 per cent of total revenues in Q3 2012, to represent 89 per cent in Q3 2013. Mobile ad revenue has grown from 65 per cent to more than 70 per cent of Twtters ad business from Q2 to Q3 2013.

Twitters’ monthly active user numbers have grown 39 per cent from Q3 2012, with the platform now reaching 231.7m people worldwide. This is more than 6 per cent growth from Q2, but the S-1 outlines risks for the company if it doesn’t pick up more users, particularly on mobile.

The number of Twitter users in the US has grown 30 per cent since last year, to 52.7m, while users worldwide grew 41 per cent year-on-year to 179m.