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Twitter reports first-ever profit, boosting shares
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This file photo taken on December 28, 2016 shows logos of US online news and social networking service Twitter in Vertou, western France. Twitter is launching a 24-hour streaming news channel in partnership with the Bloomberg news agency, in a major expansion of its video operations. Bloomberg chief executive Justin Smith confirmed the partnership late April 30, 2017, retweeting a Wall Street Journal article referring to the tie-up. (AFP/Loic Venance)
T
witter on Thursday reported its first-ever quarterly profit, delivering a boost to shares of the social network which has been lagging for years against fast-growing rivals.
The San Francisco-based messaging service said it earned $91 million in the fourth quarter, the first positive net income since going public in 2013.
Revenue was up two percent from a year ago to a better-than-expected $732 million, while the number of monthly active users rose modestly to 330 million.
Twitter shares surged nearly 15 percent in pre-market trade on the news.
The profitability marks a milestone for Twitter, which has lost money consistently since its public offering, sparking speculation on whether it needed to sell itself to keep operating.
Chief executive Jack Dorsey welcomed "a strong finish to the year," and added "I'm proud of the steady progress we made in 2017, and confident in our path ahead."
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