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11:40, 21 January 2018 Sunday
Update: 17:49, 26 October 2017 Thursday

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Twitter shows progress toward turnaround, lifting shares
Twitter shows progress toward turnaround, lifting shares

Although third quarter results showed ongoing losses and a dip in revenue, the upbeat outlook sparked a pre-market gain of 10.8 percent for Twitter.

World Bulletin / News Desk

Twitter said Thursday it could hit profitability by the end of the year, delivering a stronger-than-expected update which sent its shares sharply higher.

The social network, which has struggled to keep pace with rivals, posted a loss of $21 million in the third quarter, a marked improvement from the $103 million deficit a year ago.

Revenues were $590 million, a decrease of four percent from a year ago but not as bad as analysts had feared for the one-to-many messaging platform.

Its monthly active user base rose slightly to 330 million, roughly in line with forecasts. And Twitter said daily active users -- a metric for which it has declined to offer details -- rose 14 percent from last year.

The number of US monthly active users grew four percent to 69 million, and international users increase by the same level to 261 million, Twitter said.



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