Twitter reported its first ever year-over-year decline in revenue growth for its first quarter earnings on Wednesday, but still managed to beat analysts' expectations across the board and boost its shares more than 10% in pre-marking trading.
Twitter's revenue, however, fell 7.8 per cent to $548.3 million (€503.6m) in the first quarter, its first drop since its initial public offering. Net loss narrowed to $61.6m, or 9c a share, in the first quarter ended March 31, from $79.7m, or 12c a share, a year earlier. After several quarters of showing flat or anemic growth, Twitter said that it added 9 million new monthly average users in the latest quarter, the largest increase since 2015.
As the company seeks to turn things around, it's focused on the DAU metric as a way to show the current users are more engaged as it roles out more live video products and other features created to keep people coming back more often.
Twitter shares were up 11 per cent at US$16.23. "In Q1, we continued to streamline and simplify our revenue products, communicate to advertisers the success we're seeing with accelerating audience growth, build new revenue product features, and reallocate resources to our highest revenue-generating priorities".
In classic Twitter fashion, however, the rest of the company's quarterly news was much more of a glass-half-full, glass-half-empty kind of situation.
This marks a somewhat encouraging turn for the social network, having reported a loss of $167 million for the last quarter of 2016.
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"We are seeing a significant decrease in the number of people experiencing abuse on Twitter", Dorsey said.
The company's first quarter revenue came in at $548 million Dollars, which is higher than the estimated $512 million.
With 328 million monthly users, the service still pales by comparison to either Facebook or Instagram. Still, it expects revenue growth to "meaningfully lag" audience growth for the rest of the year.
Trump's tweets generate headlines on a daily - if not hourly - basis, ensuring Twitter is constantly in the news cycle.
JPMorgan Chase says it earned $2.4 billion, or 40 cents a share beating the analysts estimates of 30 cents a share for its first quarter.
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