Twitter Turned in a Profit For The First Time, Shares Surge

File The Twitter share price soared on the news that it had finally turned a profit

It only took 12 years, but Twitter finally is able to report they have turned a profit for the first time ever in its history.

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

That was despite the number of people using the social network coming in below expectations.

The social media giant posted a profit of $91m in the fourth quarter of 2017, recovering from a $167m loss a year earlier, after cutting costs.

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

In a letter addressed to shareholders, Twitter said revenue growth was driven by strong engagement growth, improved revenue features, improved ROI and better sales execution.

In October a year ago, Twitter had suggested a profit was likely as it sought to cut costs, but both profit and revenue outstripped investors' expectations. Q4 revenue was $732 million which was an increase of 2% year on year, of which advertising is still the biggest money maker ($644 million).

Reportedly as of right now, Twitter has 330 million users, which is about the same number they reported in the previous quarter.

The firm's shares were trading around $32 per share in mid-morning trade.



Latest news

119 cases settled at National Lok Adalat
OSLSA officials said a total compensation, including motor accident claims, insurance and so on of Rs 43 crore was awarded. The panels have statutory status under the Legal Services Authorities Act, 1987.

Turkish troops killed in deadliest day of Kurdish offensive
With the helicopter crash, the death toll of the Turkish Armed Forces increased to 20. YPG sources separately confirmed the downing of the helicopter.

BidaskClub Upgrades Martin Midstream Partners (MMLP) to Hold
On Thursday, January 11 MARTIN RUBEN S bought $16,362 worth of Martin Midstream Partners L.P. (NASDAQ:MMLP) or 1,090 shares. Edgemoor Investment Advisors Inc. raised its holdings in Magellan Midstream Partners by 11.9% during the fourth quarter.

Heading home, Pence insists 'no daylight' on North Korea
Pence and the North Korean delegation, who both attended the Games opening ceremony, had no contact with each other. The two Koreas have a rocky and sometimes violent history at the Blue House.

Blue Martini Software Inc Q3 2017 Institutional Investor Sentiment Better Than Expected
With 48,800 avg volume, 6 days are for Morningstar Incorporated (NASDAQ:MORN)'s short sellers to cover MORN's short positions. The stock of Manchester United plc (NYSE:MANU) has "Outperform" rating given on Tuesday, March 15 by Credit Suisse.

Other news