Twitter Stocks Surge as it Reports 37% Growth in Q3 Revenue

Twitter Stocks Surge as it Reports 37% Growth in Q3 Revenue

Stocks of Twitter Inc. surged in the after-hours as it reported a 37.00% increase in its third-quarter revenue. 

Moreover, the social media giant boosted 3.86% or 2.37 points to $63.80 per share. It opposed its Tuesday plunge of 1.11% or 0.69 points to $61.43 per share. 

Accordingly, its total revenue boosted to $1.28 billion from $936.00 million from the same period last year. 

Subsequently, its ad revenue climbed 41.00% to $1.14 billion, reflecting an overall increase in advertiser demand. Remarkably, total ad engagements also strengthened by 6.00%.

In addition, data licensing and other revenue jumped 12.00% to $143.00 million year-over-year.

Also, revenue in the United States hiked 45.00% to $742.00 million. Then, international revenue increased 28.00% to $542.00 million.

Moreover, its earnings per share edged up to $0.80 from the analysts’ estimate of $0.15, reflecting strength over main products.

Twitter explained that Apple Inc.’s iOS privacy change has minimal impact on its quarterly earnings.

However, its monetizable daily active users reached 211.00 million, slightly lower than the expected 211.90 million.

On the positive side, it is 13.00% year-over-year higher, mainly driven by ongoing product improvements and worldwide conversation on current events.

Meanwhile, its operating loss totaled $743.00 million, including a one-time litigation-related net charge of $766.00 million. 

In line with the legal settlement, Twitter posted a net loss of $537.00 million, compared to $29.00 million net income in the same period last year. 

Furthermore, the microblogging firm expected the fourth-quarter revenue to increase between $1.50 billion to $1.60 billion. 

At the same time, market participants forecasted an average of $1.58 billion. 

US Stocks Hike on Solid Results as Twitter Climbs

Meanwhile, the Dow Jones Industrial Average extended 0.04% or 15.73 points to $35,756.88 per share. 

Also, the benchmark Nasdaq Composite amplified 0.06% to 9.01 points to $15,235.72 per share. 

Correspondingly, the S&P 500 index enhanced 0.18% or 8.31 points to $4,574.79 per share. 

Consequently, investors turned their attention to the tech industry as they posted their third-quarter results and created huge moves after the market closed. 

Like Twitter, advanced 2.00% or 6.19 points to $316.30 per share.

Conversely, Alphabet Inc. plummeted 0.92% or 25.71 points to $2,760.46 per share. 

Then, Robinhood Markets sharply plunged 8.47% or 3.35 points to $36.22 per share.