Twitter reports higher profits

Twitter logo Image copyright Reuters

Twitter has reported a jump in profits for the final quarter of 2018, despite a fall in the number of people using the micro-blogging platform.

Profits rose sharply to $255m (£197m), more than double the $91m profit it made a year earlier, as advertising revenues grew.

But Twitter downgraded its revenue forecast for the current quarter.

The company said user numbers were down in the last quarter because it had deleted millions of abusive accounts.

Twitter removed some accounts after criticism that it was facilitating political manipulation and hate speech.

Jack Dorsey, Twitter’s chief executive, said “2018 is proof that our long-term strategy is working”.

“We enter this year confident that we will continue to deliver strong performance by focusing on making Twitter a healthier and more conversational service,” he added.

Twitter said revenue in the last quarter had risen 24% to $909m as video advertising grew.

But the firm said its revenue for the first quarter of 2019 was likely to fall to between $715m and $775m, lower than the range analysts had expected.

Currently 321 million people use Twitter, as calculated on a monthly basis, down from 330 million a year earlier. Twitter said it would stop disclosing monthly active users and switch to reporting active daily users instead.

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