Twitter Finally Made Money For The First Time In 12 Years
🤑🤑🤑The company made a profit last quarter, even as it had trouble growing its user base.
Twitter finally made a profit for the first time since launching in March 2006. The social network announced that its profit in the last quarter of 2017 was $91 million against a revenue of $731 million. This is also the first time that Twitter has reported revenue growth in the past four quarters.
While Twitter grew over the year, it didn’t add any new users since the previous quarter. The company said that it has 330 million users — 68 million in the United States and 262 million internationally, up 2% and 4%, respectively, year on year. The company attributed the lack of quarterly user growth to its clampdown on fake accounts. As a point of comparison, in the last quarter of 2016, Twitter added 1 million users.
Twitter spent the second half of 2017 explaining how Russian accounts and bots used its service to influence the 2016 US presidential election. And earlier this year, it had a high-profile executive departure when COO Anthony Noto, the most powerful executive in the company besides CEO Jack Dorsey, stepped down to head San Francisco-based finance company SoFi.