*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 growth of the metaverse is bringing new challenges to managing safe, diverse communities. Helping Cheddar kick off Women's History Month, Tiffany Xingyu Wang, chief marketing officer for AI-powered content moderation company Spectrum Labs, joined Cheddar's Opening Bell to discuss how platforms can help create safer, more inclusive online communities in the metaverse and about her own experience as a woman in technology. "Trust is really the new digital transformation, and it should not be a siloed task solely belonging to chief security officers, to privacy officers, or the people who were given the task of trust and safety," she said. "It should be a priority for all the C suite and a whole company to rally around."
On this episode of Cheddar Innovates: Vision Marine Technologies CEO discusses how e-boats will play a role in the fight against the climate crisis; Lasso CEO breaks down how the design behind these compression socks can prevent injuries and improve performance; Cheddar gets a look at Curiosity Stream's 'The Tombs Of Egypt.'
Catriona Campbell, CTIO, UK and Ireland, EY, joins Cheddar News to discuss how business leaders can bridge the gap between their technology investments and their aspirations, and breaks down the human aspects of A.I.
Bamboo-based toilet paper company Cloud Paper raised $5 million in a recent funding round. Its product is a bamboo-based alternative to traditional toilet paper made from trees, and its mission is to end the deforestation caused by traditional paper products. Cloud Paper says the raise will allow it to make significant investments in its supply chain, product development, and hiring. Ryan Fritsch, a co-founder of Cloud Paper, joined Cheddar News' Closing Bell to discuss.
