Twitter’s monetizable daily active users hit 199 million in the March quarter, shy of the 200 million Wall Street anticipated but up by seven million from year-end 2000 and significantly higher than the 166 million in the year ago period.
Revenue of $1.04 billion, up 28% from $808 million the year prior, also fell short of forecasts. Ad revenue of $899 million was up 32%.
Twitter stock plunged, down 11% in after-hours trading as it predicted a trough in new user growth in the current second quarter on tough comparisons from a pandemic-fueled 2020.
The social media company that permanently banned former President Donald Trump from the platform in January, reported earnings per share of 16 cents — above estimates.
In a letter to shareholders, the company said a pandemic related surge last buoyed users and creates challenging comps that may lead to mDAU growth rates in the low double digits on a year-over-year basis in Q2, Q3, and Q4 — with the low point in terms of growth likely in the current Q2.