Thursday, February 8, 2018
Twitter Reports First Profit
Twitter Inc. reported its first profitable quarter as a publicly traded company, a welcome piece of news for a company that has long sought to make a viable business out of the eyeballs following its feeds.
According to The Wall Street Journal, Twitter had posted losses every quarter since going public in November 2013. It had set a goal of “driving toward” profitability in 2017.
The company Thursday said revenue in the quarter rose 2% from a year earlier to $731.6 million. Analysts polled by FactSet had expected $687 million in revenue.
Twitter reported a profit of $91.1 million, a swing from a loss of $167.1 million a year ago.
Twitter said the number of people who use its product monthly rose 4% from a year ago to 330 million but was flat from the previous quarter. Twitter said daily users grew 12% from a year ago, though the company doesn’t disclose the base number of people.
Posted 8:50:00 AM