Twitter (NYSE: TWTR) shares skyrocketed Thursday after reporting higher-than-expected earnings and revenue for the third quarter.
Twitter reported its latest quarterly earnings before the bell on Thursday. Earnings per share were 21 cents (adjusted) vs. 14 cents, according to Refinitiv. Revenue registered at $758 million vs $702.6 million. Monthly active users (MAUs) numbered 326 million vs. the 330.1 million expected
"We're achieving meaningful progress in our efforts to make Twitter a healthier and valuable everyday service," CEO Jack Dorsey said in an earnings release.
"We're doing a better job detecting and removing spammy and suspicious accounts at signup. 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."
Twitter revenue went up 29% year-over-year. Advertising revenue in particular reached $650 million, also an increase of 29% year-over-year.
In September, Dorsey testified alongside Facebook COO Sheryl Sandberg in front of the Senate Intelligence Committee regarding foreign meddling during the 2016 U.S. election. The company has also faced claims it participates in "shadow banning," or making sure certain accounts don't show up in search results. Twitter had strongly denied those reports
TWTR shares galloped $4.41, or 16%, to $31.95
