Twitter (NYSE:TWTR) reported earnings for the fourth quarter of 2021 Thursday that missed analyst estimates on earnings, revenue and user growth.
The company provided revenue guidance for the next quarter ranging from $1.17 billion to $1.27 billion, while analysts had expected about $1.26 billion.
Twitter also announced a new $4-billion share buyback program. Half of that will be an accelerated share repurchase with the remaining being repurchased over time, the company said.
Despite the miss in user growth numbers, CFO Ned Segal said in a statement in the earnings release that its previously stated goals of reaching 315 million mDAUs in Q4 2023 and at least $7.5 billion in revenue in 2023 remained the same.
Segal said revenue in Q4 was impacted by a slowdown in advertiser spending in the last couple of weeks of the period. But he said spending has picked up moving into Q1.
The report is the first under new CEO Parag Agrawal after Jack Dorsey stepped down from the role in November. Agrawal, who previously served as chief technology officer, had been a key player in the company’s efforts to create a decentralized protocol for social media through Project Bluesky.
Agrawal has inherited Dorsey’s aggressive internal goals, including growing Twitter to 315 million monetizable daily active users by the end of 2023.
Twitter’s report follows those from Facebook-owner Meta(NASDAQ:FB) and Snap (NYSE:SNAP) which both reported some macroeconomic challenges like supply chain disruptions weighing on advertiser budgets.
TWTR shares demurred 48 cents, or 1.3%, to $37.35.
