26 Oct, WASHINGTON-Twitter reported Thursday better than expected profits and revenues in the third quarter, igniting a strong rally in shares of the key social network.
The San Francisco group delivered a $789 million profit, compared to a net loss of $21 million in the previous year, as revenues grew 29 percent to $758 million.
Twitter shares rallied 12 percent in premarket trade following the results, as the markets overlooked a dip in the number of users.
Average monthly active users totaled 326 million, down from 335 million in the previous quarter. The company said the drop came from efforts to weed out fake and inauthentic accounts. The recently enacted privacy rules in the European Union also had an effect.
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