INTERNATIONAL - Twitter revealed that the company received its first-ever quarterly profit and earned higher-than-expected revenue.
The company earned $91m in the fourth quarter, which was the first positive net income since going public in 2013.
The company's fourth quarter revenue banked in $732 million (R8,843,950,800) an increase of 2% year-over-year.
“Q4 was a strong finish to the year,” said Jack Dorsey, Twitter CEO.
“We returned to revenue growth, achieved our goal of GAAP profitability, increased our shipping cadence, and reached five consecutive quarters of double digit daily active user growth", said Dorsey.
Twitter’s average monthly active users were 330 million for the quarter, which was flat quarter-over-quarter and up 4% year-over-year.
Total annual revenue was $2.4 billion, a decrease of 3% year-over-year.
In 2017, Twitter’s GAAP net loss narrowed to $108 million and a net margin of 4%.
Twitter shares leapt 26% to $33.86 in pre-market trade.
- BUSINESS REPORT ONLINE