Trump Tweets Don't Help: 1st Twitter Revenue Drop Since IPO
Apr 27, 2017, 02:10
While the company's share price is now trending at $14, Twitter's user base grew by 11 percent last quarter.
In its latest quarterly report, Twitter said that it generated nearly $548 million in revenue, managing to earn 11 cents to a share. After several quarters of showing flat or anemic growth, Twittersaid that it added 9 million new monthly average users in the latest quarter, the largest increase since 2015. Twitter's shares jumped $1.46, or 10 per cent, to $16.13 in midday trading.
The social media site's chief operating officer Anthony Noto said: "We're proud of our performance in Live after just six months - last quarter alone, we streamed more than 800 hours of live premium video and reached 45 million unique viewers, an increase of 31% from the previous quarter".
The non-GAAP earnings were also 20% lower than a year ago, as Twitter admitted that advertising rates have declined, and it will continue to be negatively impacted by the loss of revenue from products it has cancelled, like Vine.
It's also worth noting the company's use of the term "resurrected" users, which it has used before, but refers to accounts that have been dormant for more than 30 days.
"We've been focused on three key areas: communicating more clearly about actions we take, giving people more tools to control their experience, and further leveraging our technology to reduce abusive content", the letter read.
"I think that Trump drives a lot of awareness about Twitter among people who otherwise wouldn't be paying attention", said Michael Pachter, managing director at Wedbush Securities.
The first quarter results came in better than most forecasts, delivering an early pre-market lift for shares in Twitter, which has struggled to keep pace in the fast-moving world of social media. Stifel analyst Scott Devitt said that while the National Football League deal likely contributed about 1 percent of Twitter's 2016 revenue, it "seemed to be an important pillar of Twitter's Live strategy".
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