Although Twitter is struggling for last couple of years now, shares of the company saw significant 10 percent growth after the company managed to beat expectations for both revenue and user growths for the first quarter of this year.
Earlier, the company posted earnings per share of $0.11 and a total revenue of $548 million. As analysts previously expected that the earnings per share would be around $0.01 and total revenue would be around $511 million, the earning beat the expectation pretty easily which resulted in such significant increase in share.
Additionally, the company also reported that throughout the first quarter, the network had 328 million monthly users rather than the expected 321 million users which means the company saw increment in this department as well.
Talking about the recent performance, the company wrote in its shareholders letter, “We believe our audience growth has been driven by a combination of: organic growth (reflecting some seasonal strength), product improvements (including better relevance in the timeline and notifications), and marketing.”
This is a welcome news for the network as recently it lost out to Amazon for major NFL streaming rights which means the network’s continued push towards live video streaming hit a rough patch. However, we will have to wait until second quarter to know if the lost streaming rights will have significant effects on the company’s earnings.
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