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Twitter to make a profit - shock

by on26 October 2017

Must be all that Trump stuff

Social media outfit Twitter said today that it will make a profit for its fourth quarter.  It will be the first time the company has ever had a profitable quarter.

Its share price rose on the news.

Twitter accounts for the profit as a result of it slashing expenses, eliminating jobs and cutting marketing expenses and R&D. It is also making revenues that aren’t from advertising, but things like licensing deals.

The announcement came with news of its third quarter revenues, amounting to $590 million compared to the $616 million it reported for the same quarter last year. It turned in a net loss of $21 million. In the same quarter the previous year it made a loss of $103 million.

Twitter also said that it had slightly overestimated the number of users it had, but said the error was only in the region of one percent.

Last modified on 26 October 2017
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