*By Carlo Versano*
Twitter shares are surging Thursday after the company smashed its third-quarter earnings report, posting a nearly 30 percent increase in year-over-year revenue and a 9 percent increase in the all-important daily active user metric. The release did not disclose the actual number of DAUs.
Shortly before 10 a.m., shares were soaring more than 17 percent, despite the report also disclosing a decline in monthly active users ー from 335 million in the second quarter to 326 million. It's a drop of 4 million year-on-year. Twitter ($TWTR) said that was in part due to a mass culling of bot, troll and fake accounts. The company said there were 20 percent fewer malicious or spammy account sign-ups from the previous quarter, thanks to "decisions we have made to prioritize the health of the platform."
On the earnings call, CEO Jack Dorsey said those decisions will act as a "growth vector" long term. In a statement attached to the earnings release, he said:
"This quarter’s strong results prove we can prioritize the long-term health of Twitter while growing the number of people who participate in public conversation.”
He added: "We're also continuing to introduce improvements that make it easier for people to follow events, topics and interests on Twitter, like adding support for US TV shows in our new event infrastructure."
After years of burning cash, this marks Twitter's fourth consecutive quarter of showing profitability.
Twitter posted adjusted earnings of 21 cents a share on revenue of $758 million. It was the company's fourth straight quarter of profit.
Shares posted their biggest gains in a year.
The war in Ukraine continues to reveal heartbreaking gut-wrenching stories. The war in itself is not only devastating but also expensive. Experts estimate that Russia is draining nearly $20 million dollars each day to continue occupying and invading Ukraine. All this could force the country to turn to cryptocurrencies. It's a major turn for the country that briefly considered outlined digital assets entirely, but it could also have serious implications for cryptos. Managing Director at Quantum Fintech Group, Harry Yeh, joined Cheddar to discuss more.
As Russia intensifies its war on Ukraine, President Biden announced a ban on oil imported from the aggressor nation. Critics of Russia have said this would be the best way to force Putin to pull back, but curbs on Russian oil exports are expected to send already skyrocketing oil and gas prices even higher, further impacting consumers, businesses, financial markets, and the global economy. Leslie Beyer, CEO of the Energy Workforce and Technology Council, joined Cheddar News' Closing Bell to discuss. "It's certainly going to increase pricing, but it is the right thing to do," she said. "The industry itself has already pulled out of the significant portion of its operations in Russia."
Two friends have joined forces to come up with an app dedicated to making mental health more approachable and to provide users with the tools needed to improve their mental health and overall well-being. Co-Founders of the Dial App Jonah Salita and Marcel Johnson, joined Cheddar to discuss more.
On this International Women’s Day, Deb Cupp, president of Microsoft U.S., joined Cheddar News to talk about the implementation of her pillars to extend the company's culture, such as acting with care and putting the team first. "What I like about the pillars is they're very simple, so it's easy for us to think about how they show up every day in our lives," Cupp said.
