Investing.com - Microblogging site Twitter posted better than expected first quarter earnings on Wednesday, sending shares soaring in pre-market trade.
Twitter (NYSE:TWTR) reported earnings of 11 cents per share, up from the 1 cent per share expected by analysts on Wall Street.
Revenues fell to $548 million, down 8% from the same period a year earlier.
Twitter also signed up an extra 9 million users in the last quarter, and now has 6% more users than a year ago.
“We’re proud to report accelerating growth in daily active usage for the fourth consecutive quarter, up 14% year-over-year,” said Jack Dorsey, Twitter’s CEO.
Dorsey also warned that Twitter continues to face “revenue headwinds”, but believes it will return to positive revenue growth in the long term.