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Twitter misses expectation on revenue but adds millions more users

Twitter stock fell more than 12% in after-hours trading after the company reported revenue of $595m on Tuesday, missing expectations. Twitter was expected to report $607.8m in revenue. Meanwhile, its earnings, which were expected to be 10 cents a share, exceeded expectations at 15 cents a share.

The real bright spot in Twitter’s first quarter report was its user growth.

The first quarter saw Twitter’s number of active users rise to 310 million, 2 million more than expected by Wall Street. Any growth would have been an improvement over last quarter, when Twitter reported that it was actually losing members. In February, the company reported that its user base had dropped to 305 million, down from 307 million users from the previous quarter.
According to Twitter, the number of its active monthly users is up 3% year on year.

The growth in users is good news for the company. If Twitter figures out how to grow its user base, “its advertiser base will grow dramatically”, Michael Pachter, an analyst with Wedbush Securities, said in a research note released on Monday.

“This is our first quarterly update after laying out our long-term strategy and priorities,” the company reminded its shareholders. The end of this quarter also marked six months since Jack Dorsey, who co-founded Twitter in 2007, was re-appointed CEO of the company. Dorsey officially replaced Dick Costolo, Twitter’s former CEO, on 5 October.

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