Twitter admits it overstated monthly user numbers for 3 years

Twitter admits it overstated monthly user numbers for 3 years

Twitter claims that the error in counting their monthly active users did not affect the count of their daily users, which they have reported as growing by 14 percent.

Shares of the social platform have rocketed up almost 15 percent in early morning trading on Thursday, after the company hinted at imminent profits in its third quarter earnings report - despite announcing it had been miscalculating its MAUs by millions.

"We discovered that since the fourth quarter of 2014 we had included users of certain third-party applications as Twitter MAUs that should not have been considered MAUs", the company wrote in its October 26 letter to shareholders and accompanying press release.

Twitter added 4m new monthly active users in the third quarter - much better than the zero it added in the previous period - hitting 330m.

Twitter said it could show its first-ever profit in the fourth quarter, after making sweeping cuts in expenses in the past few months and finding sources of revenue beyond the advertising that dominates social media.

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The social networking site's losses also significantly decreased-Twitter faced a $21 million shortfall this quarter, down from $103 million in the same period a year ago.

On the financial side, Twitter saw its overall quarterly revenue fall to $590 million, with advertisers reducing their spending on the platform.

Wall Street rejoiced at Twitter's performance-company stock was up almost 15 percent in morning trading.

Digits would allow third-party applications to send authentication messages through Twitter's systems.

Twitter has never had a profitable quarter based on generally accepted accounting principles (GAAP), but it said yesterday, "we will probably be GAAP profitable" in the fourth quarter, if it reaches the high end of its own estimates. The fact that the platform is President Trump's favored communications tool is also likely to have raised Twitter's profile among potential users. "It's our job to help people stay informed about what's happening in the world and what people are talking about, and we're focused on making our service faster, easier to use, and more relevant to more people every day".

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