Revenue at Twitter has slipped into decline, falling for the first time ever. But it was less bad than Wall Street had expected, sending shares surging more than 10 per cent.
In the first quarter revenue fell eight per cent year-on-year to $548m, however, that was better than analysts had forecast.
Wall Street had expected revenues to come in at around $512m.
Ad revenue, which makes up the bulk of its business, declined for the second consecutive quarter, falling 11 per cent to $474m.
Adjusted earnings per share were 11 cents versus expectations of one cent.
Monthly users were on the up, climbing six per cent on the same quarter last year and nearly three per cent on the previous quarter to 328m.
Daily active users were up 14 per cent on the same time last year, though it did not disclose the exact numbers.
Why it's interesting
Twitter's high-profile struggles are well known - a failure to innovate, issues around harassment, hate speech and fake news, and an inability to attract new users or advertisers in the lavish quantities experienced by Facebook
What Twitter said
We remain focused on streamlining our cost structure, achieving greater operating efficiency, and making progress toward GAAP profitability. In the first quarter, we reduced GAAP net loss significantly and achieved highest adjusted earnings before interest, tax, depreciation and amortisation margin to date, despite year-on-year decline in revenue.
We continue to expect revenue growth to meaningfully lag audience growth in 2017. We believe, however, that executing on our plan and growing audience should result in positive revenue growth over the long term.