Twitter has reported a net loss of $137m (£88m) for Q2 2015, despite its revenues for the same period increasing 63 per cent year-on-year, to $502m.

Of those revenues, the vast majority – $452m – came from advertising, and 88 per cent of that came from mobile ads.

Twitters user growth is slowing, something CEO Jack Dorsey acknowledged in his statement on the results.

“Our Q2 results show good progress in monetisation, but we are not satisfied with our growth in audience, ” said Dorsey. “In order to realize Twitter’s full potential, we must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitters value faster, and better communicate that value.”

MAUs (Monthly Active Users) increased by 8m during the quarter, reaching 316m. The vast majority of these came through Twitters SMS Fast Follow text alert service, which implies these users may be in emerging markets – but vitally, also means no advertising. Discounting these users, MAUs only increased by 2m during the period.