Twitter profit likely in the next quarter after losses of about $2.5 billion since 2006
The Canadian Bazaar
TORONTO: Twitter, which has lost about $2.5 billion since 2006, may finally turn in a profit from the next quarter.
In its third quarterly report on Thursday, the micro-blogging site posted a revenue of $590 million – which is four percent down from $616 million posted this time last year.
Twitter posted a net quarterly loss of $21 million as compared $103 million during the same period last year.
TWITTER PROFIT
As its losses shrink, the social network said it expected to turn in a profit from the fourth quarter, sending its shares up 12 percent on Thursday.
If we reach the high end of our adjusted EBITDA range for Q4, we will likely be GAAP profitable. #TWTR
— TwitterIR (@TwitterIR) October 26, 2017
The shares of Twitter have fallen since it went public in 2013, showing a upward trend only this year. In online advertising, Twitter has been overshadowed by the much bigger Facebook. It has also been plagued by the troll problem and a declining growth in user base.
Twitter actually admitted overstating the number of users for the last three years.
But it says it currently has 330 million monthly users, up from 317 million from last year.
It may also introduce 280-character tweets in the foreseeable future
“We expect to see fewer tweets running into the character limit over time, and we’ll be sharing the results of this experiment publicly in the coming weeks,” the micro-blogging site said.
