Twitter has recently announced its latest financial results, which revealed a boost to the number of users on the site helping to steady finances over the last quarter.
These results have defied expectations and predictions set out by analysts, representing good news for the microblogging site after struggling online and offline in recent times. It had found it hard to attract new visitors to the site after being rocked by a number of controversies regarding its handing of trolling and online abuse found on the social media platform.
Twitter reported that the number of monthly active users had increased to 328 million, a figure up from the 319 million declared in the last quarter. This equates to an increase of 6% compared to the same time last year. Furthermore, this increase of nine million users is beyond the expectations of experts, who had anticipated that the platform would gain two million new users during this period, meaning the site is seven million new users ahead of these predictions.
The company also reported that its newly established video live streaming service had received 31% more interaction during this last quarter, with more than 45 million unique views of over 800 hours of live video uploaded to the site.
Jack Dorsey, the co-founder and chief executive of Twitter, has expressed his delight regarding the growth in daily active users, which is reported to have grown for the fourth consecutive quarter and has risen by around 14% year on year.
Dorsey also explained that the company is delivering in its goals to build a service that the public want to use every day, and said that he is encouraged by the rate of audience growth shown in this quarter.
Financially, Twitter reported a revenue of $548m (£427m) during this quarter, which is down by 8% on the figures posted for the same period of 2016, coming in at $595m (£464m). These figures represent the first decline in revenue in the company’s history.
Twitter has said that this fall in revenue can be put down to the company overhauling its advertising business in the past few months. It expects that the increase in user numbers will help it to change its financial status for the positive in the long term.
Despite posting a decline in revenue, shares in the company soared as a result of the user base increase, which can finally suggest that Twitter is on the road to redemption after a period of turbulence.