Twitter cracks $20 for first time since March

Lynsey Barber
Follow Lynsey
Twitter Goes Public On The New York Stock Exchange
Twitter's run continues with Apple deal reports (Source: Getty)

Twitter's stock has cracked the $20 mark for the first time in months and for only the second time since January, after opening as much as four per cent higher on Monday morning trading in New York.

The beleaguered social network was likely buoyed by reports that it is in the midst of negotiating an ambitious deal with Apple to add its app to Apple TV.

Read more: Twitter's still having trouble getting advertisers to spend money

Twitter bought up the rights to live stream NFL Thursday football and the deal would add a major point of distribution for the games, potentially reaching millions of fans.

Shares hit $20.47 at pixel time, their highest intraday price since 8 January. The last time stock surpassed the $20 was back on 4 March.

It also announced promoted stickers, enhancing a recently added feature which lets users add fun cartoon images to pictures they share.

Advertisers will be able to create their own stickers, which Twitter said "represents a huge opportunity for brands to drive brand affinity and raise awareness of their message at scale". Pepsi is the first to use promoted stickers and it will form part of its global PepsiMoji advertising campaign

Read more: Twitter's share price takes flight on buyout rumours

The addition of promoted stickers comes after the tech company admitted advertiser demand was low at its current pricing amid stiff competition from other digital platforms. In its latest earnings at the end of July, revenue inched up in the second quarter, but it slowed to its lowest growth in three years and was below Wall Street expectations.

Shares have been on a run toward $20 since the beginning of August when rumours of a takeover deal swirled. Momentum has continued without a deal emerging.

Twitter stock remains around 20 per cent off its IPO price but has recovered 44 per cent on May's all-time low of $14.01.

Related articles