Twitter Restates User Count, Wrongly Attributed 3rd-Party App Audiences

Twitter Restates User Count, Wrongly Attributed 3rd-Party App Audiences

Despite the MAUs snafu, Twitter beat analysts expectations on revenue and earns per share.

Twitter said it had 326 million monthly active users in the second quarter, not the 328 million it had previously reported.

Over the past two years, Twitter has added an average of just under three million new users per quarter, which means Twitter is losing nearly as many old users as it's gaining new users.

In the Thursday pre-market trade, TWTR is trading at $19.04, up $1.89 or 11.02%. The company also expects that at the high end of adjusted EBITDA range, it will likely be GAAP profitable. While Twitter declined to share the exact number, it said the average grew 14% from a year ago - a 12% increase from last quarter.

Total GAAP expenses in third-quarter declined 16% year-over-year to $582 million, reflecting in part stock-based compensation (SBC) expense, which declined for the fifth consecutive quarter, to $101 million, a decrease of 36% year-over-year.

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Net losses narrowed to $21 million, or 3 cents per share, from $103 million, or 15 cents a share, a year earlier.

Despite the mistake, the company said its daily active user count is increasing.

"This quarter we made progress in three key areas of our business: we grew our audience and engagement, made progress on return to revenue growth and achieved record profitability", CEO Jack Dorsey said in a statement. The company reported a $21.1 million loss for the quarter, as its shares soared to nearly 9% Thursday. Analysts' estimates typically exclude special items. The microblogging service added 4 million true MAUs last quarter.

As a result its latest quarter's MAUs were 330 million, slightly below the Street Account estimate of 330.4 million.

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