$7 Billion Added to Market Value of Twitter
Micro-blogging website Twitter’s shares rose to 35% on Tuesday which added $7 billion to its total market value. The company has managed to improve its revenue during the past few quarters. Twitter CEO is confident that the company will improve its user base and will generate more revenue in future.
The revenue of the social network witnessed an increase of $312.2 million, which was double of its last revenue figures. Adding on to the joyous day Twitter’s user growth was recorded at 24 percent which raised the company’s full-year guidance.
According to the executives of Twitter, rapid-fire format which gave the users freedom to tweet beyond their limit resulted in expansion of the company’s reach.
Dick Costolo, Chief Executive Officer, Twitter Inc., said, “Our main message today was that we’re looking to build, and we know we can build, the largest audience in the world”.
Twitter suffered a fall of 47 percent in its stock valuation till now as investors were worried about the ability of the company to convert users into revenue streams. The company is still facing various problems. Net loss of the company was three times more than the loss faced by the company in December.
The company is trying hard to regain trust of investors. Twitter also released additional user activity data which reveals that more number of people spent additional time on the social network and viewed their timeline more often.
Since beginning of this year twitter lost about 40 percent of its market value. Although twitter saw an increase in its users but it still lags behind its biggest rival Facebook Inc.
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