Investing.com - Twitter Inc (NYSE:TWTR) shares rallied in pre-market trade on Thursday, after the social media company beat estimates on both the top and bottom line for the third quarter.
Twitter posted earnings of 21 cents per share and revenue of $758.0 million compared to expectations of EPS of 14 cents and $699.94 million of revenue.
"Our third quarter results reflect our success with advertisers, delivering revenue growth of 29% and better than expected growth across most products and geographies," said Ned Segal, Twitter's CFO.
Average monthly active users were 326 million for the quarter, compared to 330 million in the same period of the previous year and compared to 335 million in the previous quarter.
Monthly active users is a key performance indicator for social networking services - typically calculated by taking the number of users who have logged in and logged out during the 30-day period.
"We're doing a better job detecting and removing spammy and suspicious accounts at sign-up," said Jack Dorsey, Twitter's CEO.
Following the release of the report, shares in Twitter surged 12% in pre-market trade to $30.81.