Twitter Has Miscalculated User Growth For YEARS

28 October, 2017, 01:10 | Author: Patty Aguilar
  • Are things looking up for Twitter? CEO Jack Dorsey thinks so.                  James Martin  CNET

Twitter on Thursday revealed that it accidentally overstated its monthly-user figures for last three years but is actually growing now as it had gained almost four million monthly members over the last three months.

Shares of the social platform have rocketed up almost 15 percent in early morning trading on Thursday, after the company hinted at imminent profits in its third quarter earnings report - despite announcing it had been miscalculating its MAUs by millions. Daily actives grew 14% year-over-year, compared with increases of 12%, 14% and 11% over the preceding three quarters on an annual basis.

The social media giant released its third quarter earnings report today, and there were several bright spots.

Twitter said the restatement was due to incorrectly recording "1-2 million users per quarter" from certain "third-party applications" to Twitter's MAU count.

Its monthly active user base rose slightly to 330 million, roughly in line with forecasts. Twitter previously believed that their user base had stayed flat during the second quarter.

Wall Street rejoiced at Twitter's performance-company stock was up almost 15 percent in morning trading. "These third-party applications used Digits, a software development kit of our now-divested Fabric platform, that allowed third-party applications to send authentication messages via SMS through our systems, which did not relate to activity on the Twitter platform", the statement read.

The company took in $590 million in revenue, which is down four percent from past year but still $3 million more than analysts expected.

"This quarter we made progress in three key areas of our business: we grew our audience and engagement, made progress on a return to revenue growth, and achieved record profitability", Twitter CEO Jack Dorsey said in the October 26 press release. The company said it didn't have exact data for periods before the fourth quarter of 2016, but that those losses would be the same or smaller than the four quarters reported.

Twitter Inc (NYSE:TWTR) early Thursday posted market-beating earnings results and noted that its daily active user growth continued to accelerate, sending its shares soaring in premarket trading.

Twitter has also been criticised for not taking enough efforts to stop abuse and harassment on the platform.

"We're committed to making Twitter safer, and we continue to improve and leverage our technology to reduce the reach of abusive tweets", Twitter CEO Jack Dorsey wrote in a letter to shareholders.


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