Friday, 29 May 2020

Twitter Reports First Quarterly Profit

TWITTER

LONDON: Twitter reported its first profit as a public company on Thursday, a major step as it grapples with persistent criticism over fake accounts on its social network and questions over its prospects for long-term growth.

The surprise announcement, which sent the company’s shares sharply higher on Wall Street, comes with social media companies facing political inquiries on both sides of the Atlantic for their role in spreading fake news during elections and referendums.

Twitter’s earnings, which beat analysts’ expectations, came just days after another struggling social media company, Snap, also posted positive results with revenue and user growth rising.

Twitter’s monthly active user based remained flat at 330 million users, but its daily active users grew 12%.

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