- Twitter's quarterly revenue has gone past $1 billion for the first time since the company was formed
- This was recorded in the last quarter of the year 2019 during which the app's use also increased by a fifth
- The company's shares also increased by 15% to above $38.40 as trading began in New York on Thursday, February 6, 2020.
Briefly.co.za has learned that quarterly revenue for social media company, Twitter, has shot up past $1 billion for the first time in the company’s history.
The increase of about 11 percent was recorded in the final three months of the year 2019, as the app’s users increased by more than a fifth.
The results proved better than estimates provided by Wall Street and consequently led to an increase in shares.
Twitter’s shares also increased by 15% to above $38.40 as trading began in New York on Thursday, February 6, 2020.
The company has forecasted that its revenue for the first quarter in 2020 would range between $825 and 885 million, but analysts have pegged it at $870 million.
Per a report by Financial Times, Jack Dorsey, Twitter’s chief executive officer, noted that the business would continue to improve.
He added that he plans to spend about six months in Africa and expects that the business would grow beyond San Francisco where it is headquartered.
His decision, communicated via a tweet in November 2019, raised eyebrows amongst some observers, given he is already in the unusual position of running two San Francisco-based companies, Twitter and payments group, Square.
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