Twitter revealed its figures for Q1 2014 yesterday, but the news was mixed – while revenue beat analyst expectations, user growth levels spooked investors, and caused the social network's share price to drop considerably.
Revenue hit $250 million (£149 million), which was more than double that of the same quarter last year, and it outdid analyst expectations which had pegged revenue at $241 million (£143 million) according to the Guardian. However, the company still made a net loss of $132 million (£79 million).
Indeed, shares lurched downwards by over 11 per cent following the release of the fiscal details, driven in the wrong direction by a user base growth of 5.8 per cent – the social network attracted 14 million new users in the quarter. However, the stock has since recovered some of that ground in early trading this morning, with it up 4.5 per cent as we write.
User growth was actually slightly more buoyant than the previous quarter, but it wasn't enough, evidently – and investors are clearly still concerned about Twitter's growth momentum.
Dick Costolo was of course trumpeting the headline revenue figure. The CEO said: "We had a very strong first quarter. Revenue growth accelerated on a year over year basis fuelled by increased engagement and user growth. We also continue to rapidly increase our reach and scale."
In total, Twitter now has 255 million monthly active users, but that rather pales compared to Facebook's gargantuan 1.28 billion user base.