Jack Dorsey, CEO of Twitter
Twitter’s first quarter earnings have shown that the microblogging website has managed to weather what was a tumultuous year for most social media platforms.
The microblogging site’s revenues surged 18% to reach $787 million while its net income rose by 213% to reach $191 million in the first quarter of last year. The San Francisco-based company performed better than forecasted.
Twitter is outperforming the broader market with its shares surging 20%. However, it is still lagging behind competitors like Facebook. In spite of a massive penalty, yesterday Facebook disclosed its strong Q1 earnings report with 26 percent year-on-year growth.
Despite continued efforts to act on abuse and misconduct reports, Twitter has still been performing well with its users. When measuring the monthly active user count, 330 million individuals were recorded for January-March this year, a result of internal changes attracting a broader audience of advertisers and consumers. The figure increased from the past quarter but went down slightly from a year ago. Nonetheless the social media giant will no longer be using this measure as it will switch to “monetizable” daily active users to evaluate its performance.
The company has also been facing public criticism for the toxic content found single-handedly by users. American lawmakers are also pressurizing to clean up the thousands of spam and suspicious accounts. "We are now removing 2.5x more Tweets that share personal information and 38 percent of abusive Tweets that are taken down every week are being proactively detected by machine learning models," says Jack Dorsey, Chief Executive of Twitter.
Dorsey also shared his vision to become "more conversational", launching a prototype for a new app called "twttr," with the goal of "making conversation on Twitter feel faster, more fluid and more fun."
For the second quarter, the company has forecasted a fall in revenues as it continues to spend generously to clean up the platform.