Twitter tops estimates on revenue, user count; shares surge

Wall Street analysts on average expected revenue of $775.2 million and adjusted EPS of 15 cents.

In midday trading, Twitter shares soared almost 16% to $39.83.

"We are taking a more proactive approach to reducing abuse and its effects on Twitter", chief executive Jack Dorsey said in a statement. That's partly because its daily active user base continues to grow, while monthly user counts have stalled or declined, as Twitter continues to purge fake and other suspect accounts.

Shares in Twitter rose more than 16 per cent today after the social media platform posted a threefold increase in first-quarter profits. Average monthly active users - which Twitter will no longer report going forward - were 330 million for Q1, up 9 million from 321 million in the previous quarter but down from 336 million in Q1 2018.

"We're delivering strong results with ad revenue up 18% year-over-year, demonstrating Twitter's unique value proposition for advertisers as the best place to launch something new or connect with what's happening".

The firm was trying to reduce the burden on victims by using artificial intelligence to spot abusive tweets and to take them down before they were reported, he said.

Trump's comments came the same day Twitter reported its first-quarter results.

U.S. President Donald Trump attends the 2019 White House Easter Egg Roll on the South Lawn of the White House in Washington, U.S., April 22, 2019.

On Tuesday morning, Trump said that the social media platform did not "treat me well as a Republican". Total ad revenue was $679 million, an increase of 18%. "Very discriminatory", he said, and called for "more, and fairer, companies", in an apparent reference to US lawmakers' interest in regulating tech companies. Constantly taking people off list.

Trump, who often announces policy changes on Twitter, tweeted to complain that the platform was making it hard for people to sign on and removing some of his followers.

While Twitter was able to attract more people to its site, one prolific tweeter found reason to grouse.

"Given the strength of the duopoly of Google and Facebook, Twitter can get overlooked by advertisers, but the consistent growth Twitter has shown over the past few quarters suggests advertisers should be giving them another look", said Jim Cridlin, global head of innovation at marketing firm Mindshare.

Twitter's quarterly revenue topped analyst expectations.

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