Twitter Hits 199M Daily Users, Misses Revenue Expectations

The social media giant, led by CEO Jack Dorsey, added 7 million new daily users during the latest quarter, but still saw its stock price tumble in after-hours trading.

Twitter on Thursday unveiled a first-quarter earnings report that offered a window on user growth for the social media platform during the coronavirus pandemic.

The social media platform said its number of logged-in users, known as monetizable daily active users, stood at 199 million for the quarter, which was up 7 million users compared to the fourth quarter that ended with 192 million DAUs, and 189 million daily users at the end of the third quarter.

The latest three-month period fell just short of an analyst forecast of 200 million DAUs. That miss sent stock in Twitter down by $5.29, or just over 8 percent, to $59.80 in after-hours trading.

Twitter has faced investor expectations that a huge surge in audience during the onset of the pandemic last year was unlikely to be repeated every quarter and into 2021. Twitter reported first-quarter earnings of $68 million, or an adjusted 16 cents per share.

Revenue was up 28 percent to $1.04 billion. Analysts were expecting overall revenue to reach $1.06 billion, according to a Refinitiv consensus. U.S. revenue was $556 million, up 19 percent, while overall international revenue was $480 million, rising 38 percent.

That overall revenue jump came with third-quarter ad sales, which comprise the bulk of Twitter’s overall revenues, coming in at $899 million, up 32 percent year-over-year.