Twitter posts strong user growth, shares soar

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Twitter posts strong user growth, shares soar
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27 April, 2017

During the first quarter of 2017, the social media icon's daily active usage grew by 14 per cent over the same period past year, while the average number of monthly active users reached 328 million, a six per cent increase from the previous quarter's 319 million.

Notably, the social media service surpassed user growth expectations for the quarter, adding an additional nine million users to an average active monthly user base of 328 million accounts.

Net loss narrowed to US$61.6 million, or 9 cents per share, in the quarter ended March 31, from US$79.7 million, or 12 cents per share, a year earlier.

Twitter Inc. (NYSE: TWTR) shares jump on Wednesday after the company reported monthly active user growth that beat analysts' estimate.

Twitter has struggled to attract new users since the company went public in 2013.

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Shares of Twitter skyrocketed in premarket trading, soaring by as much as 11% to $16.27 after this morning's earnings release. The company said it has made time lines more relevant to the user, in addition to updates including removing user names from the 140-character count and showing participant names in conversations.

So it was surprising that despite Trump's incessant tweeting during the USA election last fall, Twitter added just two million new users in the last three months of the year. For the full year, Twitter expects non-GAAP expenses to be flat to down 5% year over year. There's been numerous tactics to make people and tweets to follow easier to find. Twitter's revenue in the first quarter reached $548 million, or $0.11 per share - well ahead of the $511.9 million and $0.01 per share Wall Street was anticipating.

Twitter's weak performance has raised questions about chief executive Jack Dorsey's leadership, and whether the company would be bought by a bigger media firm.

But this quarter, analysts are predicting that even Twitter's revenue could take a hit.

"I think that Trump drives a lot of awareness about Twitter among people who otherwise wouldn't be paying attention", said Michael Pachter, managing director at Wedbush Securities. It reported adjusted earnings per share of 11 cents, above the FactSet consensus of 2 cents.


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