Twitter on Thursday reported its first quarterly net profit — $91 million — after it slashed expenses and its revenue beat analysts' expectations, Recode reported. The microblogging company's inability to start making money had confounded Wall Street, given its broad reach and popularity among celebrities and power brokers, including President Trump.
The company said it also expected to show profit, using generally accepted accounting principles, for the full year in 2018. Still, Twitter's user growth missed expectations, falling flat for the quarter at 330 million monthly active users, although that marked a 4 percent increase from a year earlier. A change to Apple's Safari web browser cost Twitter about 2 million active users. The company also stepped up efforts to reduce spam and automated or fake accounts, according to Reuters. Twitter shares shot up by 20 percent after the report.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Parker Palm Springs review: decadence in the California desertThe Week Recommends This over-the-top hotel is a mid-century modern gem
-
The real story behind the Stanford Prison ExperimentThe Explainer 'Everything you think you know is wrong' about Philip Zimbardo's infamous prison simulation
-
Is it safe for refugees to return to Syria?Talking Point European countries rapidly froze asylum claims after Assad's fall but Syrian refugees may have reason not to rush home
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
