Twitter Inc (TWTR) Shares Surge As Earnings Beat, User Growth Accelerates

Twitter Inc (TWTR) Shares Surge As Earnings Beat, User Growth Accelerates

Twitter Inc (TWTR) Shares Surge As Earnings Beat, User Growth Accelerates

To the social media icon's credit, this admission wasn't the result of an investigative journalist poking their nose into the company's operations but an acknowledgment in its latest quarterly earnings report, released today. The daily active user count was not affected and grew 14% since this time a year ago.

This new discovery means Twitter's previously reported lack of growth was even more bleak that we thought.

More importantly, Twitter's daily active user count increased by an astonishing 14%, the fourth consecutive quarter of double-digit growth.

Twitter said the restatement was due to incorrectly recording "1-2 million users per quarter" from certain "third-party applications" to Twitter's MAU count.

The social networking site's losses also significantly decreased-Twitter faced a $21 million shortfall this quarter, down from $103 million in the same period previous year. The company reported a 4% increase in monthly active users from the last quarter to 330 million.

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The company did have to concede that it had miscounted its user figures in the second quarter, which masked a drop in its overall total.

If this steady growth continues, the site may actually turn a profit for the first time ever in the fourth quarter.

Another reason Wall Street is happy?

These statistics were released as part of Twitter's earnings report for the third quarter of 2017. These third-party applications used Digits, a software development kit of our now-divested Fabric platform, that allowed third-party applications to send authentication messages via SMS through our systems, which did not relate to activity on the Twitter platform. Earlier this month, women boycotted Twitter in support of celebrities like Rose McGowan who were trolled on the platform. "It's our job to help people stay informed about what's happening in the world and what people are talking about, and we're focused on making our service faster, easier to use, and more relevant to more people every day", he said in prepared remarks.

"We're committed to making Twitter safer, and we continue to improve and leverage our technology to reduce the reach of abusive tweets", Twitter CEO Jack Dorsey wrote in a letter to shareholders.

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