Shares in Twitter jumped Thursday after the social media company said revenue and user numbers exceeded forecasts in the latest quarter, though profit fell as expenses rose.
The San Francisco-based tech company said that fourth-quarter net income fell 53% to $119 million, or 15 cents per share. That's down from $255 million, or 33 cents, in the same period a year earlier.
Twitter had revenue of $1.01 billion during the quarter, a 11% increase and the first time revenue surpassed $1 billion.
Chief Financial Officer Ned Segal called it a "new milestone" for revenue. He said performance was solid in most of the world, with particularly strong advertising revenue in the U.S.
The company averaged 152 million daily users during the last three months of the year, up from 145 million during the previous quarter.
While the net income figure was below analyst forecasts for $231 million, other figures cheered investors, sending More