Twitter Inc. on Tuesday said earnings in the first three months of the year more than tripled on strong ad demand while user numbers posted healthy growth.
The company said the number of daily users rose 11% to 134 million for the first quarter of 2019, thanks to both "organic growth as well as ongoing product improvements and marketing."
The San Francisco company started disclosing its daily user base in the previous quarter. These are users who log into the site at least once a day and see advertisements on the platform. Twitter says daily metric will replace its monthly user count, which it will stop disclosing. The company posted profit of $190.8 million, or 25 cents per share, for the first quarter. After adjusting for one-time gains and costs, earnings came to 9 cents per share, short of Wall Street expectations. Analysts surveyed by Zacks Investment Research forecast earnings of 15 cents per share.Twitter said advertising demand in the first quarter grew strongly, led by the U.S., where ad revenue rose by a quarter.
In premarket trading, Twitter shares soared 8 per cent. The stock has increased 20% since the beginning of the year.
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