Twitter revenues decline for first time as advertising falls away

Company reports 8% fall in revenue in first quarter to $548m, but shares rebound as number of users rises

Twitter's revenue has fallen for the first time, as advertisers have pulled back from the social media service favoured by Donald Trump, celebrities and journalists. However, the Silicon Valley company, which has never turned a profit, cheered investors by announcing a significant rise in the number of monthly users, to 328 million.

Shares in the company, which hit a peak of $69 in 2014, rose by more than 10% to $16.14 on Wednesday as the revenue and user number figures exceeded analysts' expectations.