Twitter may have co-founder Jack Dorsey back as chief executive, but the challenges he faces were illustrated clearly in the social network’s latest financial results yesterday.
Twitter’s third-quarter revenues were up 58% year-on-year to $569m, but it recorded a net loss for the quarter of $132m. But what continues to cause concern for investors is Twitter’s slow user growth: it averaged 320m monthly active users (MAUs) last quarter, just 4m more than the quarter before, and up 11% year-on-year.
Dorsey was optimistic, as you’d expect, citing the growth in revenues and Twitter’s renewed focus.
“We’ve simplified our roadmap and organisation around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth,” he said.
More stats: 80% of Twitter’s monthly active users are mobile, while mobile advertising accounted for 86% of the company’s $513m of ad revenues last quarter. The announcement of the wider figures saw Twitter’s share price drop 10% in the following hours, though.
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