Twitter shares fly higher as news emerges of Bloomberg partnership
Shares in micro-messaging web site operator Twitter Inc (NYSE:TWTR) chirped higher on Monday as reports emerged of a news service tie-up with Bloomberg Media.
Shares in the social media firm added 5.4% in New York to stand at $17.37 each.
Bloomberg and Twitter will tout the partnership at their respective Digital Content NewFronts presentations on Monday, reports said.
Bid to increase user base…
Twitter’s efforts to increase users have been well documented in recent months, so this latest foray is an attempt to boost its numbers.
Last year, it made a push into news and sports on mobile devices last year, which some commentators say could make a media company as a buyer interested.
First quarter earnings ahead of expectations..
Recently, it caught many by surprise with a set of first quarter earnings, which were way above expectations.
Shares also rose as it posted earnings per share of 11 cents.
This was down from 15 cents in the same period of 2016, but well ahead of the two cents a share for which analysts had been bracing themselves.
On a generally accepted accounting principles, or GAAP, basis, the company made a loss of nine cents a share, versus a loss the year before of 12 cents.
Adjusted net income of US$82.40mln was down from US$102.72mln a year earlier, as the company continued to struggle to make money from its enormous user base.
Revenue clocked in at US$548mln, down 8% year-on-year, but the company was heartened by a 6% increase in the average number of monthly users to 328mln from 319mln in the preceding quarter.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177101/twitter-shares-fly-higher-as-news-emerges-of-bloomberg-partnership-177101.html
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