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Twitter shares plunged more than 10% in post-close trading Thursday April 29, after the company released its first-quarter earnings, beating user growth expectations and providing less revenue guidance for the second quarter than expected.
The company achieved an adjusted profit of 16 cents per share, compared to expectations of 14 cents, and revenues of $1.04 billion against expectations of $ 1.03 billion, while the number of daily active users came to 199 million users against expectations of 200 million.
The company’s revenue during the quarter increased by 28% from $ 808 million in the previous year.
Twitter reported a profit of $ 68 million, compared to a loss of $ 8.4 million a year ago.
The company indicated that it expects revenues between $ 980 million and $ 1.08 billion in the second quarter, while analysts were expecting $ 1.06 billion on average, according to Refinitiv.
The total number of Twitter users who could be monetized per day grew by 7 million from the fourth quarter to 199 million, but fell short of analyst expectations of 200 million.
The user base has increased by 20% compared to last year.
Twitter ads revenue grew 32% year-on-year to $ 899 million, according to the report.
