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1st Twitter Revenue Drop Since IPO
27 April 2017, 02:20 | Maryann Sutton
Twitter reported a decline in revenue growth on Wednesday for its first quarter earnings, marking the company's first decrease in over a year.
Twitter said it was pleased with its audience and engagement figures for the period, with growth in daily active users accelerating for a fourth quarter, to an increase of 14 percent year-on-year. But Twitter showed signs of new life in the first quarter, reporting that average monthly active users rose six per cent from past year to 328 million. The net loss was reduced by 23 percent compared to a year ago, to United States dollars 62 million.
Twitter has struggled to attract new users since the company went public in 2013.
Twittershares jumped with Wednesday's filing, opening trading at $15.90 a share. Given Twitter's recent sales trends and the fact that the company stopped providing quarterly sales guidance last fall, many analysts clearly feared the worst, and Twitter didn't deliver that.
Twitter has been seeking to broaden its appeal beyond its core user base of celebrities, politicians and journalists, ramping up efforts in video and live sports, notably.
Twitter has soared beyond expectations to gain nine million new users in the past three months, the social media site announced in its latest financial results. The company says Q1 is always its strongest growth quarter - and indeed, the last time Twitter added more than 10 million users in a quarter was Q1 2015.
That said, Twitter's quarterly results surpassed Wall Street's modest expectations and, combined with an increase in both overall users daily usage, boosted the company's beleaguered stock price.
The company ended the quarter with $548 revenues, above the $513 million expected by analysts.
Mr Dorsey said the increase in users was in part because the service had been streamlined to make it a better experience for users, including measures to reduce abusive content. Besides Facebook and Instagram, Twitter is also vying for advertising revenue from Snap Inc., the owner of Snapchat. Analysts had been looking for earnings of 2 cents per share and $517 million in revenue.
A tweet from Twitter's investor relations arm noted that "we continue to expect revenue growth to meaningfully lag audience growth in 2017".
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