Markets

Twitter's revenue declines but beats Wall Street's expectations

Twitter reported that its daily active users grew by 14 percent on a year-over-year basis - more than exceeding the high-single-digit figure some were expecting.

The microblogging social network said its tally of monthly active users (MAU) has increased from 319 million in Q4 to 328 million in Q1, representing growth of around six percent.

Net loss narrowed to $61.6 million, or 9 cents per share, in the quarter ended March 31, from $79.7 million, or 12 cents per share, a year earlier. 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. Despite the fall, this remained above market expectations, providing a boost to shares in pre-market trading.

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Twitter continues to focus on live video - it streamed 800 hours of live content to 45 million unique viewers last quarter - but those ambitions took a hit last month when it lost out to Amazon for the rights to stream Thursday Night Football NFL games. In addition, the company tries to attract more users by streaming live video from sports, entertainment and news partners.

So it was surprising that despite Trump's incessant tweeting during the US election last fall, Twitter added just two million new users in the last three months of the year.

Although the first quarter revenue growth saw an 8% decline as compared to that of corresponding quarter of previous year, the revenues were good enough to beat the market's expectations.

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Twitter's advertising revenue fell 11 per cent to $US474 million in the quarter, above the average analyst estimate of $US442.7 million, according to market research firm FactSet StreetAccount. There's been numerous tactics to make people and tweets to follow easier to find.

Nevertheless, the company still remains behind competitors such as Facebook (NASDAQ:FB), Instagram and Snapchat with regards to performance and user activity.

Trump's frequent tweets ricochet well beyond his 28 million Twitter followers. That marks the company's first year-over-year sales decline since going public in 2013.

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Earnings per share (adjusted): $0.11 vs. $0.01 expected, down from $0.15 in the year-ago period.



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