Twitter reported its first earnings report since the company went public back in November, when shares started trading on the New York Stock Exchange. The company crushed Wall Street estimates for earnings during the fourth quarter of 2013.
The Wall Street consensus was looking for revenue of $217.8 million and a loss per share of $0.02 in the fourth quarter 2013 earnings report. Twitter hasn’t yet recorded a profit, and that wasn’t expected leading into the company’s earnings today. Twitter reported fourth quarter earnings of $243 million, up 116 percent year-on-year, crushing Wall Street estimates on the revenue front. It also reported an actual earnings per share of $0.02. Revenue for the entire year came in at $665 million, up 110 percent year-on year, though the company recognized a net loss of $645 million for 2013.
“Twitter finished a great year with our strongest financial quarter to date,” CEO Dick Costolo said. “We are the only platform that is public, real-time, conversational and widely distributed and I’m excited by the number of initiatives we have underway to further build upon the Twitter experience.”
Twitter recognized 241 million average active monthly users, up 30 percent year-over-year, though that’s only 9 million more users quarter-over-quarter. That’s not too hot, at least for investors looking for substantial growth metrics. The social network also reported 184 million mobile monthly active users, up 37 percent year-over-year. Advertising revenue was up 76 percent year-over-year.
Shares of Twitter were down about 13 percent at the time of this article, suggesting that the results still didn’t justify its stock price, which has increased about 150 percent since the company’s IPO in November.