Twitter Shares Rise on News of CFO Noto's Insider Buy

NEW YORK (TheStreet) -- Twitter (TWTR) shares were rising on Wednesday on news the company's CFO, Anthony Noto, recently purchased shares.

Since the start of the month, Noto has purchased 6,700 shares ranging in price from $37.50 to $38, as shares have languished since the company reported first-quarter earnings that missed Wall Street estimates on the topline.

Revenue for the first quarter was $436 million, up 74% year over year, but lower than the average estimate from analysts of $457 million, according to Thomson Reuters. Twitter reported earnings per share of 7 cents, topping the average estimate from analysts of 4 cents. During the quarter, Twitter added 14 million monthly active users, ending the period with 302 million, up 18% year over year.

In conjunction with the earnings miss, Twitter's results leaked early after data-mining firm Selerity scraped the company's investor relations Web site, posting the results publicly before the market closed May 28. The Nasdaq, which handles Twitter's investors relations Web site, has since apologized for the errors.

Twitter shares were up 0.85% to $37.80 in premarket trading on Wednesday, as details of the purchases became public.

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