Twitter Soars 16 Percent on Strong User Growth, Smaller Losses
Twitter Soars 16 Percent on Strong User Growth, Smaller Losses
Henry Dombey | Vox Media
28 October, 2017, 01:06
Twitter Inc. has admitted to incorrectly reporting its single most important metric, monthly active users (MAUs), for almost three years.
Shares of the social platform have rocketed up almost 15 percent in early morning trading on Thursday, after the company hinted at imminent profits in its third quarter earnings report - despite announcing it had been miscalculating its MAUs by millions.
The social media giant released its third quarter earnings report today, and there were several bright spots.
More importantly, Twitter's daily active user count increased by an astonishing 14%, the fourth consecutive quarter of double-digit growth.
In their third quarter, Twitter added approximately 4 million monthly users, surpassing analyst expectations by approximately one million.
Twitter has stepped up efforts to boost its user base and engagement, notably with video partnerships, as part of its turnaround efforts.
Thanks to cost-cutting across the business, Twitter said it could finally turn a bottom-line, unadjusted profit in the fourth quarter.
Another reason Wall Street is happy? Users of those third-party applications were able to send authenticated messages via SMS through Twitter's systems, but that didn't relate to activity on the Twitter platform, according to the company's explanation.
Twitter posted a loss of $21 million in the third quarter, a marked improvement from the $103 million deficit a year ago. The company said it didn't have exact data for periods before the fourth quarter of 2016, but that those losses would be the same or smaller than the four quarters reported. Earlier this month, women boycotted Twitter in support of celebrities like Rose McGowan who were trolled on the platform. That will see the burgeoning company report a positive income for the first time, and may prove to investors and the wider world that Jack Dorsey's plan to revive Twitter is worth persisting with. Twitter's current user base sits at approximately 330 million. The site also prohibited photos of non-consensual nudity, and said it would take a harder line on hate symbols and organizations that promote violence.
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On Oct. 20, Comey posted a picture of what appeared to be him watching the sun peeking over the horizon in an Iowa cornfield. Will try to tweet in useful ways", a comment sure to be interpreted as a jab at his prolifically tweeting former boss.
Spota, 76, of Mount Sinai, had been Suffolk DA since 2001 but announced earlier this year he would not seek re-election. A lawyer for Spota said his client denies the charges, the New York Times and the Associated Press report.
MPC ( more personal computing ) segment derives the majority of its revenues from the PC (personal computing) market. A weaker point in the quarter was gaming revenue, which slipped 1%, ahead of the launch of the Xbox One X on Nov.7.
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