Trump tweets don't help: 1st Twitter revenue drop since IPO
- Author: Kelly Blake Apr 27, 2017,
Apr 27, 2017, 2:11
In the last quarter, Twitter's daily active user base grew by 11 percent, as well as its losses shrunk by about 23 percent to just $62 million.
The microblogging service said average monthly active users increased 6% to 328m in the first quarter from a year earlier.
In response, the company emphasized its efforts to streamline operating costs, noting that its net loss was significantly reduced compared to previous quarters (the company posted a net loss of $167.1 million during the fourth quarter of 2016). After several quarters of showing flat or anemic growth, Twitter said that it added 9 million new monthly average users in the latest quarter, the largest increase since 2015.
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The shares surged as much as 14 per cent in premarket trading, rising to a high of US$16.65. We believe, however, that executing on our plan and growing audience should result in positive revenue growth over the long term.
Wall Street's estimates regarding Twitter's business could be wrong as well, but a decline in business is, of course, bad for the company as it is seeing a plateau when it comes to number of new users. But the company still faces stagnant user growth, has never made a profit and may even report a quarterly revenue decline Wednesday, a first since going public.
Trump's tweets haven't helped the company, Twitter has said.
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Twitter Inc.is scheduled to report first-quarter results before the market opens on Wednesday. Dorsey pointed to the deployment of machine learning to show users tweets that are more relevant to them.
From January to March, the tech firm's sales dropped 8 percent to $548 million, but beat the $509 million in revenue that analysts surveyed by Bloomberg expected. The company has been plagued with a host of issues including executives who have been jumping ship, tough competition in the advertising space from companies like Facebook and Snap and so on.
Earnings per share (adjusted): $0.11 vs. $0.01 expected, down from $0.15 in the year-ago period.
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