Twitter Inc. (TWTR) - Get Free Report posted stronger-than-expected fourth quarter revenues Thursday, topping the $1 billion mark for the first time ever, as users returned to the microblogging platform amid efforts to reduce hate speech and abusive posts.
Twitter said adjusted earnings for the three months ending in December came in at 17 cents per share, down more than 50% from the same period last year and 5 cents shy of the Street consensus forecast. However, revenues rose 11% to $1.1 billion, Twitter said, as ad sales jumped 12% to $885 million, with both figures topping analysts' expectations.
Twitter also said its key traffic metric -- average monetizable daily users -- rose to 21% 152 million, well ahead of forecasts of a 149 million total.
"2019 was a great year for Twitter, with more than half of the 26 million mDAU added in 2019 directly driven by product improvements," said CEO Jack Dorsey. "Entering 2020, we are building on our momentum -- learning faster, prioritizing better, shipping more and hiring remarkable talent. All of which put us in a stronger position as we address the challenges and opportunities ahead.
Twitter shares were marked 15.7% higher in early Thurday trading following the earnings release to change hands at $38.62 each, a move that would trim its six-month decline to around 5%.