Twitter reported better-than-expected first quarter results as it grew its monetizable daily active users by 24%. However, Twitter said it was a tale of two quarters as advertising revenue fell dramatically in March.
The company reported afirst quarter net lossof $8.4 million, or a penny a share, on revenue of $807.64 million, up 3% from a year ago. Wall Street was expecting revenue of $776 million with a net loss of 2 cents a share. Twitter's non-GAAP earnings in the first quarter were 11 cents a share, a penny ahead of estimates.
Twitter said its advertising business in the first quarter tanked 27% from March 11 until March 31, but had enough buffer to deliver solid results overall.
The company said in ashareholder letter:
While Twitter is seeing some recovery in Asia, it isn't providing an outlook. CFO Ned Segal said the priority is to cut expenses and focus on its revenue products such as new ad formats for direct response.
Key points in Twitter's first quarter:
Twitter also outlined its IT and revenue plans:
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