Twitter shares surged 22 percent at the market open on Thursday after it reported its first quarterly profit and better-than-expected revenue, helped by ads that better targeted users and sales growth outside the United States.
Investors shrugged off zero growth in Twitter’s users from a quarter earlier, which the company blamed in part on seasonal weakness and its purge of fake and spam accounts. Shares hit $35 in morning trading, their highest level since July 2015. Twitter debuted as a public company in 2013 at $26 a share.
Twitter’s previous inability to turn a profit or turn out consistent revenue growth had confounded investors given the company’s ubiquitous presence in the media and popularity among celebrities, athletes and politicians such as U.S. President Donald Trump.
Twitter’s profitability has long been a regular mocking topic at Breitbart every time a notorious far-right figure loses his account. So far today they are mum on the latest news.