Twitter revenue beats expectations as users continue to grow
Twitter has posted its first quarterly business report of this year with the figures showing an increased revenue as the expert’s expectations were left to dust. The good news also propelled the company’s share values by as much as 10.5%.
Although the first quarter revenue growth saw an 8% decline as compared to that of corresponding quarter of last year, the revenues were good enough to beat the market’s expectations. This quarter’s revenue stood at $548 M, up from The Wall Street Journal’s forecast of $512 M. The adjusted earnings per share closed in at 11 cents in contrast with critic’s expectations of about 1 cent. Amid all the optimism, the market share value also saw a boost in the pre-market trading, and closed at $16.20.
“We’re proud to report accelerating growth in daily active usage for the fourth consecutive quarter, up 14% year-over-year,” told the company’s CEO Jack Dorsey. He further said,“While we continue to face revenue headwinds, we believe that executing on our plan and growing our audience should result in positive revenue growth over the long term.”
Twitter also claimed to have experienced a rise in its user base. Monthly users rose to 328 million, by as much as 6% as compared to the same month from last year and by 9 million from the last quarter. On average, the daily active users increased by 14% as compared to that from same average of last year.
For quite some time now, the company has been struggling to attract a noticeably large increase in its revenue. Its competitors companies and platforms are winning more revenue especially through advertisements. Recently, Facebook posted an enormous profit jump of 177%!
The complete report can be accessed from here (Courtesy — Forbes). Image — CustomSpaces