Twitter Earnings In Line, Revenue Beats; Stock Tumbles

[Simonson Harry]

• Twitter Earnings In Line, Revenue Beats; Stock Tumble

• BRIAN DEAGON
  
• 08:53 AM ET 04/30/2020

Twitter (TWTR) reported first-quarter earnings Thursday morning that were in line with Wall Street estimates while revenue beat despite the coronavirus crisis taking a toll on advertising overall. But shares tumbled in premarket action.

The social messaging company reported adjusted earnings of 11 cents per share with revenue up nearly 3% to $807.64 million. Wall Street expected earnings of 11 cents on revenue of $783.5 million.

Average monetizable daily active users were 166 million for the first quarter vs. 152 million in the fourth quarter, and 134 million a year earlier.


Twitter stock shot up at first, but reversed and fell more than 6% during premarket action on the stock market today as markets tumbled.

Twitter, on March 23, withdrew first-quarter and full-year guidance, due to coronavirus effects. The company warned it expected revenue to be "down slightly" on a year-over-year basis. It also expected a GAAP operating loss.

In early March, Twitter reached an agreement with a group of activist investors that have pressured the company to make changes. It agreed to a $2 billion share repurchase program and new additions to its board of directors, among other things.

https://www.investors.com/news/technology/twitter-earnings-twitter-stock-2/?src=A00220&yptr=yahoo