Twitter: Can it continue to score wins after the World Cup?

The World Cup tournament is proving to be a big win for social media.

Twitter (TWTR) shattered a record on Saturday during the World Cup soccer match between Brazil and Chile. Almost 389,000 tweets were posted the minute after a penalty kick that kept Brazil in the tournament.

Twitter shares also look like they've benefitted from World Cup fever. As of Monday’s close the share price is up about 29% for the month of June.

“The World Cup kind of reinforces the strength of Twitter's user base and potentially increases its appeal for potential new users,” said Yahoo Finance Senior Columnist Michael Santoli.

Sterne Agee analyst Arvind Bhatia said in a note to clients on Tuesday that the World Cup may help Twitter improve its user growth. The brokerage firm raised Twitter's 2015 fiscal year revenue and earnings estimates to reflect improving monetization on the platform. However, the analyst still holds a neutral rating on Twitter shares.

Santoli thinks Twitter is serious about making money now, which was a big question when it went public last year. It seems like it’s trying to run itself as a business. “They’ve ousted the COO, they’re starting to experiment with various e-commerce and advertising platforms,” he said.

Re-code reported that a Buy Now button appeared in a few tweets in their mobile app yesterday, but couldn't make a purchase with them. Twitter also announced today it hired former Goldman Sachs executive Anthony Noto as its chief financial officer, according to a Securities and Exchange Commission filing.

However, it is still unclear how Twitter plans to increase user growth. The company only reported 255 million active users in the first quarter, which was up only about 6% from the previous quarter.

“It can’t ultimately just be kind of just a convenient little news reader for people, it has to be something else that engages them," Santoli said.

Twitter is expected to report second quarter results on July 21^st.