Twitter Beats Estimates in First Quarterly Earnings Report
It may be hard to believe it, but Twitter only took itself public a mere three months ago. Yet in that time period, Twitter has performed quite well, taking its initial IPO stock price from $38 all the way up to its opening price of $67 this morning. Now Twitter has just posted their first quarterly earnings report, and the news is all in all pretty positive. While Twitter has yet to actually record a profit, few people really expected them to at this early stage. What Twitter did manage to do, however, is easily beat Wall Street’s revenue estimates, passing through $665 million in revenue, up over 110% year-on-year.
Twitter is also confirming some of the newest usage stats for the service; the company has managed to increase their monthly membership usage, which is up 30% year-by-byear to 241 million average active users a month. Twitter also managed to pull in a total of 184 million mobile monthly active users, up 37 percent year-over-year. Despite all this, Twitter still managed to report a net loss of $645 million for 2013.
Twitter CEO Dick Costolo claims that this was the company’s strongest financial quarter to date, further claiming that there are more good things left to come as the CEO is “excited by the number of initiatives we have underway to further build upon the Twitter experience.” Investors appear to be slightly less than enthused about the numbers however, as the stock has managed to fall a whopping 17% to $54.30 in after hours trading.
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