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It only took 12 years, but Twitter finally is able to report they have turned a profit for the first time ever in its history. The social media tool that is our is so-called President, Donald Trump’s favorite weapon of choice stocks rose in pre-market trading.
That’s absolutely insane when you think about it.
Now that is great news for the company but there is still some bad news to report—the total number of users remained flat. That basically means Twitter can’t grow its user base, but they also chalk up that number to a recent purge of fake accounts and Nazi trolls. There still is one very powerful troll they refuse to give the boot, though.
Reportedly as of right now, Twitter has 330 million users, which is about the same number they reported in the previous quarter.
In a statement, CEO of Twitter, Jack Dorsey had this to say about his companies first-ever profit:
“Q4 was a strong finish to the year. We returned to revenue growth, achieved our goal of GAAP profitability, increased our shipping cadence, and reached five consecutive quarters of double-digit DAU growth. I’m proud of the steady progress we made in 2017, and confident in our path ahead.”
Other Twitter executives also expressed their excitement about the news of the first-ever profit for Twitter. Ned Segal, Twitter’s CFO had this to say in a press release:
“We’re pleased with our performance in 2017 and our return to revenue growth in the fourth quarter,” Ned Segal, Twitter’s CFO said in a press release.”
Segal also gave some insight as to the factors that may have contributed to Twitter turning a profit:
“Total revenue in the fourth quarter increased 2% year-over-year, and owned-and-operated advertising revenue increased 7% year-over-year, driven by continued strong engagement growth, improvements in our revenue products, improved return for advertisers, and better sales execution.”
Well, whatever stops the company from losing money for investors is a good thing. It will be interesting to see if Twitter can keep this up.
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Photo: Jaap Arriens/NurPhoto via Getty Images
