Twitter Misses Ad Revenue, User Growth Estimates

Twitter reported weaker-than-expected quarterly advertising revenue and user growth on Thursday and forecast revenue short of Wall Street targets, indicating that its turnaround plan has yet to bear fruit. Reuters reports: Still, the social networking site said it made "meaningful progress" toward its goal of reaching 315 million users and $7.5 billion in annual revenue by the end of 2023, and said user growth should accelerate in the United States and internationally this year. Shares of the San Francisco-based company rose more than 8% after the results, but pared those gains in morning trading. Monetizable daily active users, or users who see ads, grew 13% to 217 million in the fourth quarter ended Dec. 31, missing consensus estimates of 218.5 million, according to IBES data from Refinitiv. That was up from 211 million users in the previous quarter. [...] Advertising revenue for the fourth quarter grew 22% year over year to $1.41 billion, missing analysts' estimates of $1.43 billion. Twitter gained 6 million users during the quarter, but will need to add over 12 million each quarter over the next two years to hit its target of 315 million people by the end of 2023, said Jasmine Enberg, principal analyst at Insider Intelligence, calling it "an incredibly lofty goal."

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