Twitter, Inc. (NYSE: TWTR) stock soared after the Company reported third quarter earnings that topped Wall Street estimate.
The social media company said revenue jumped 29% to reach USD 758 Million in the third quarter. Revenue in U.S. was USD 423 Million, while international revenue rose 30% to USD 335 Million. Analysts had expected revenue of USD 702.6 Million in the quarter, according to Thomson Reuters.
Third-quarter GAAP net income was USD 789 Million, compared to a net loss of USD 21 Million in the same period a year earlier. Excluding certain items, the Company earned USD 106 Million, or 14 cents per share in the second quarter.
Average monthly active users reached 326 Million in the third quarter, compared to 330 Million in the same period last year.
Twitter shares jumped as much as 16.63% to USD 32.13 per share in the early trading on Thursday. Including today’s gains, the stock was up 33% this year.
“We’re achieving meaningful progress in our efforts to make Twitter a healthier and valuable everyday service,” said Jack Dorsey, Twitter’s CEO. “We’re doing a better job detecting and removing spammy and suspicious accounts at sign-up. We’re also continuing to introduce improvements that make it easier for people to follow events, topics and interests on Twitter, like adding support for U.S. TV shows in our new event infrastructure. This quarter’s strong results prove we can prioritize the long-term health of Twitter while growing the number of people who participate in public conversation.”
The Company said they made a number of product improvements, including adding the ability to stream audio-only broadcasts and making it easier for people to find, follow, watch, and converse around TV programs and live broadcasts.