Categories: Economy

Twitter Announces First Quarterly Profit As Ad Sales Rise

Twitter has reported its first quarterly net profit assisted by a video advertising sales rise.

The news sent the price of Twitter shares surging 26% in pre-market trading in New York.

That happened  despite the low number of people using the social network

Twitter’s previous failure to make a profit had confounded investors given its widespread use and popularity among celebrities and politicians.

Net profit was $91.1m (£65m) in the fourth quarter of 2017, compared with a loss of $167.1m for the same period a year ago.

In October last year, Twitter had suggested a profit was likely as it sought to cut costs, but both profit and revenue outstripped investors’ expectations.

Its user numbers though, were fairly flat. Twitter reported 330 million active users a month, a rise of 4% on last year but no change on the previous quarter. Monthly active users in the US were down to 68 million from 69 million in the third quarter.

Twitter said user number growth had been held back by “seasonal weakness” and changes made by Apple to its Safari web browser, which cut user numbers by two million.

Recent Posts

We Killed Enugu-Based Lawyer In Error – Police

The Kogi State Police Command has admitted the erroneous killing of a Nsukka-based lawyer, Barrister…

1 hour ago

PoS Operator Gets N500K Reward For Returning N9.9m Wrongly Transferred To His Account

The Kano State Police Command has returned the sum of N9.9 million to its rightful owner after…

4 hours ago

Tinubu Appoints Akande’s Daughter As NACA DG

President Bola Tinubu has appointed Dr. Temitope Ilori as the new Director General of the…

5 hours ago

Nigeria-Niger Border Reopening: Immigration Boss Directs Personnel To Resume Duty

The Comptroller-General of Immigration, Kemi Nandap, has directed all personnel deployed to the Nigeria-Niger border to…

6 hours ago

Osun Defender History Corner: March 14 In Focus

Today, on the history corner, we take a trip in the realm of flashbacks and…

6 hours ago

Nollywood Loses Another Veteran Actor

The Nollywood industry is again grieving after the passing of Jonathan Ihonde, the dramatist and…

6 hours ago

This website uses cookies.