"The first quarter was a strong start to the year", said Jack Dorsey, Twitter CEO and co-founder. The social networking company reported $0.16 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.11 by $0.05, Bloomberg Earnings reports.
Twitter, originally known for its 140-character posts, said monthly active users rose to 336 million, up by 6 million from the prior period and slightly ahead of analysts' predictions. The company pointed investors toward sequential revenue growth rates similar to last year's for the balance of 2018, which would represent a substantial slowdown from the most recent quarter. Weiser wasn't particularly enthused about Twitter's results or what it may report down the road, calling the company "a durable, if niche-y (but highly differentiated), platform for digital advertising".
More of Twitter's growth is coming from global markets as the United States gets saturated.
It was the company's second straight profitable quarter. Shares were up as high as 14% in early trading Wednesday morning, leveling out to a roughly 1% gain by the time the opening bell rang and dropping by around 1% by mid-morning.
Up to Tuesday's close, Twitter shares had risen 26.9 per cent this year, compared with a 1.5 per cent decline in the S&P 500 Index. Analysts on average had expected monthly active users of 2.2 billion.
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Throughout the previous year, Twitter has worked to make its product more engaging and intuitive to users by expanding the character limit, threading tweets and highlighting content around events like sports games.
In short, it was the second solid report in a row from Twitter, and it looks like the company is well-positioned to keep the momentum going for the remainder of 2018 and possibly beyond. The company warned its revenue growth rate would likely fall in the next few quarters, and its user growth remains nearly stagnant.
"We knew Twitter would be moving from strength to strength this quarter". "Our ability to detect malicious automation, spam, and fake accounts. improved significantly".