Twitter Soars 16 Percent on Strong User Growth, Smaller Losses

28 October, 2017, 01:09 | Author: Delbert Rhodes
  • Twitter has been miscounting its users since 2014

Naturally, Twitter was more inclined to emphasize the gains posted in its latest quarter, which included a 14 per cent year-over-year increase in daily active users and a quarterly net loss of $21 million (all figures USD), a significant improvement over the company's $103 million quarterly loss during the same period last year. The daily active user count was not affected and grew 14% since this time previous year.

Shares of Twitter soared over 18 percent on Thursday after the company reported that it expects to be profitable for the first time ever during the next fiscal quarter.

Despite the drop in users, Twitter stock jumped as much as 11% in premarket trading Thursday after the company beat expectations on revenue and gave higher-than-expected guidance for the fourth quarter.

Its monthly active user base rose slightly to 330 million, roughly in line with forecasts.

Wall Street rejoiced at Twitter's performance-company stock was up almost 15 percent in morning trading.

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But the embattled social network also revealed that it had miscalculated monthly users since the fourth quarter of 2014 by including third-party, text-based apps related to its shuttered developer platform, Fabric. The company admitted in an appendix to the earnings report that it had accidentally overstated its monthly active user count in every quarter since the end of 2014.

"This quarter we made progress in three key areas of our business: we grew our audience and engagement, made progress on a return to revenue growth, and achieved record profitability", Twitter CEO Jack Dorsey said in the October 26 press release.

Digits would allow third-party applications to send authentication messages through Twitter's systems. As a result, it lowered previously reported user numbers by 1 million for the fourth quarter of 2016 and by 2 million for the first two quarters of 2017. "We're proud that the improvements we're making to the product continue to bring people back to Twitter on a daily basis".

Twitter has also been criticised for not taking enough efforts to stop abuse and harassment on the platform.

On a call with investors, CEO Jack Dorsey reiterated that Twitter is intently focused on improving safety for users.

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