Daily Times

Twitter posted better-than-expected results for the recently ended quarter with gains in revenue, profit and its user base, sparking a rally in shares for the messaging platform. Net profit was $66 million on revenue that surged to $1.19 billion, beating Wall Street expectations. That compared to a loss of $1.38 billion in the same quarter a year earlier, according to the San Francisco-based tech firm. “Second-quarter revenue growth substantially exceeded estimates,” noted Third Bridge analyst Scott Kessler. The closely watched figure of “monetisable” daily users rose to 206 million in the quarter, an 11 percent increase from the same period last year. Twitter said in its statement that more people were on the platform as a result of “ongoing product improvements and global conversation around current events.” Market watchers had been concerned that the departure of former US president Donald Trump from the platform and the lack of election-year frenzy might cause use to ebb.