Friday, October 26, 2018

Twitter Stock Soars After Strong Earnings Report

Twitter shares surged more than 17 percent Thursday after the company reported higher-than-expected earnings and revenue for the third quarter. It closed up 15.47 percent.

“We’re achieving meaningful progress in our efforts to make Twitter a healthier and valuable everyday service,” CEO Jack Dorsey said in the earnings release. “We’re doing a better job detecting and removing spammy and suspicious accounts at sign-up. We’re also continuing to introduce improvements that make it easier for people to follow events, topics and interests on Twitter, like adding support for U.S. TV shows in our new event infrastructure. This quarter’s strong results prove we can prioritize the long-term health of Twitter while growing the number of people who participate in public conversation.”

Twitter revenue went up 29 percent year over year. Advertising revenue in particular reached $650 million, also a yearly increase of 29 percent.

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