Posted on February 8, 2018 by staff

Twitter enjoys first quarterly profit in history


Twitter has made its first quarterly profit in the company’s almost 12-year history.

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.

It also enjoyed a 2 per cent year-on-year hike in revenue to $732m.

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.

The company, which went public five years ago, added that video remained its largest advertising format and grew as a per cent of total revenue during the three-month period.

The social network boasted 330 million monthly active users during the quarter, an increase of 4 per cent. However, it lost users in the US after a clampdown on fake accounts.

The company’s share price surged by 25 per cent after the announcement was made.