Trump tweets don't help: 1st Twitter revenue drop since IPO
02:16, Apr 27, 2017
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Despite stiff competition from Facebook and Snap, Twitter's monthly active users, one of the most closely watched metrics for analysts, increased 6 per cent, or 18 million, to 328 million in the first quarter from a year earlier.
Despite the company's quarterly revenue loss, Twitter saw its shares rise almost 9 percent to $15.94 in early pre-market trading on the New York Stock Exchange on the strength of its earnings beat. After several quarters of showing flat or anemic growth, Twitter said that it added 9 million new monthly average users in the latest quarter, the largest increase since 2015.
The company has been trying to convince advertisers that it can strengthen its user base and has launched new features, including live video broadcasting.
Twitter shares rose more than 11 percent in premarket trading after the report was released. Twitter sought for a sale a year ago but failed.
"We continue to expect revenue growth to meaningfully lag audience growth in 2017", the company wrote in a letter to shareholders Wednesday.
Of those hours, 51 percent were sports, 35 percent were news and politics, and 14 percent were entertainment, Twittersaid.
The social-media platform beat on profit and revenue expectations, despite its first quarterly revenue decline.
Although the first quarter revenue growth saw an 8% decline as compared to that of corresponding quarter of past year, the revenues were good enough to beat the market's expectations.
Trump's tweets generate headlines on a daily - if not hourly - basis, ensuring Twitter is constantly in the news cycle.
Twitter is also doing a better job as rolling out new products, and meeting the needs of average users, said Dorsey.
Twitter'srevenue dropped to $548 million, which is an 8 percent decline compared to the same period previous year. Dorsey pointed to the deployment of machine learning to show users tweets that are more relevant to them.
That's not exactly a small number of people but it pales in comparison to the almost two billion people that use Facebook, the 700 million that are now on Instagram and the 500 million over on Microsoft's LinkedIn.
The company reported that advertising revenue for the quarter was $474 million, a plunge of 17 percent year-over year.
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