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.

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