Twitter, Inc. TWTR reported third-quarter earnings of 5 cents per share Thursday against a 2-cent Street estimate and sales of $823.717 million that missed the Street estimate of $874.06 million.
"We drove strong growth in monetizable DAU (mDAU), up 17% year-over-year, driven by ongoing product improvements,” CEO Jack Dorsey said in a statement.
“We're continuing to improve relevance while testing ways to make it easier for people to find what they are looking for on Twitter. We also continue to make progress on health, improving our ability to proactively identify and remove abusive content, with more than 50% of the Tweets removed for abusive content in Q3 taken down without a bystander or first person report."
The company acknowledged the challenges it faced this quarter and said it is validating its strategy of investing to drive long-term growth.
“More work remains to deliver improved revenue products. We'll continue to prioritize our ad products along with health and our investments to drive ongoing growth in mDAU," CFO Ned Segal said in a statement.
"We remain confident that focusing on our most important priorities, and delivering higher performing, better ad formats will deliver better outcomes for all of our stakeholders for years to come."
Twitter shares were trading down 17.69% at $31.96 in Thursday’s premarket session. The stock has a 52-week high of $45.86 and a 52-week low of $26.26.
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