Social media giant Twitter has beaten Wall Street estimates and posted its second profitable quarter, driven largely by the companys overseas expansion.
Total revenues for the San Francisco-based company rose 21 per cent to $664.9m (£476.6m), beating analyst estimates of $607.6m, according to the firms shareholder report. Advertising revenue was $575m for the quarter, beating expectations of $523m.
Twitters strong performance comes on the back of its rapid international expansion. International revenue for the company totaled $318m, an increase of 53 per cent year-over-year, while US revenue totaled $347m, an increase of just 2 per cent on the same period last year.
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“We knew Twitter would be moving from strength to strength this quarter,” said Nick Fletcher, vice president at Rakuten Marketing. “Marketers are becoming more aware of the scale of their audiences at an international level and Twitter has become synonymous as the hub of conversation around major global events.”
However, the social networking company has come under fire recently due to the proliferation of hate-speech on the site, as well as the spread of misinformation.
Twitter seemed to address this issue in its letter to investors saying that it had made “meaningful progress in our ongoing safety and information quality…and we are continuing to invest in improving the quality of content and the overall health of the conversation on Twitter”.
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The efforts seem to have paid off, with daily active users growing 10 per cent year-over-year, meaning the company has seen user growth in double digits for the past six months.
Joe Rohrlich, General Manager of Europe, the Middle-East and Africa at marketing group Bazaarvoice said: “Twitter has been busy cleaning its ecosystem and it seems the hard work has paid off. In the virtuous position of now being one of the most trusted social platforms, active user figures put Twitter at an advantage in driving further adspend growth in the second quarter”.
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CityAM
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