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By Billboard

Twitter shares surged before the Tuesday stock market open after the social media giant posted higher first-quarter earnings and user growth, with financials beating analysts' expectations.

The San Francisco-based social media company, led by CEO Jack Dorsey, reported adjusted earnings of 37 cents per share, compared with the Wall Street consensus of 15 cents. Shares in Twitter were up by $2.71, or nearly 8 percent, to $37.10 in pre-market trading on the New York Stock Exchange.

Quarterly revenue of $787 million was up 18 percent, beating the consensus estimate for the 140-character messaging service of about $775 million. Total U.S. revenue rose 25 percent to $432 million, with international revenue at $355 million, up 11 percent.

Twitter saw its daily active user (DAU) base, a new metric for the social media company introduced for the second time, expand to 134 million users, up 11 percent from the year-ago period. Twitter had 126 million monthly DAU in the fourth quarter of 2018, and analysts had forecast 130 million users for the latest financial quarter.

Twitter reported 330 million monthly active users, down 6 million from the first quarter of 2018. It has said it would discontinue reporting this metric after this quarter. A consensus estimate had forecast 318 monthly active users, stripping out SMS users, for the latest quarter.

The social messaging app has been trying to improve its user experience and keep people more engaged. The company faces rivals Snapchat and Facebook in the war for online advertising.

This article was originally published by The Hollywood Reporter.


Billboard

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