After going 12 years without reporting a profit, Twitter posted its second straight profitable quarter on Wednesday morning when the company shared its first-quarter earnings.
Twitter reported earnings of 16 cents a share and revenue of $665 million — surpassing analyst expectations of 12 cents a share and $608 million in sales. Revenue increased 21 percent year-over-year. After reporting a $91 million profit last quarter, Twitter pulled in $61 million in net income for Q1.
Just as important to Wall Street, the social media company added 6 million new monthly active users, hitting 336 million in total. Those beat projections by about 2 million users. Twitter said its daily active users increased 10 percent year-over-year but didn’t share how many users that is.
“The first quarter was a strong start to the year,” Twitter CEO Jack Dorsey said in a statement. “We grew our audience and engagement, marking another quarter of double digit year-over-year DAU growth, and continued our work to make it easier to follow topics, interests, and events on Twitter.”
Dorsey added the company has “introduced a new framework to think more cohesively about the issues affecting our service.” This framework, according to Dorsey, allows Twitter to “address these challenges by viewing them through the broader lens of the health of public conversation.” Twitter had another busy quarter policing its platform, including notifying more than 675,000 users they were hit by Russian trolls before and after the 2016 U.S. election.
Twitter shares received a 2.5 percent jolt in pre-market trading, hitting $31.25 a share.