Business

Twitter Records First Ever Quarterly Profit

Twitter announced it had a revenue of $732 million in its latest earnings report, as well as its first ever profitable quarter.

The stock price for the social media company initially soared following the unique news, but dipped down slightly as of Thursday afternoon. Originally, early trading saw it rise by roughly 20 percent, and despite any small decrease, it’s still way above the previous levels earlier in the week and month.

The reported profit is especially significant because Twitter has not been able to account for such apparent success since it went public in 2013.

“Q4 was a strong finish to the year,” Twitter CEO Jack Dorsey wrote in a shareholders press release. “I’m proud of the steady progress we made in 2017, and confident in our path ahead.”

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The overall amount of users, though, shrunk in the U.S. by one million, down from 69 million. It’s the second such dip in a year, according to The Verge.

Facebook also recently reported very good earnings, despite a decrease in U.S. users as well.

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