Twitter reported weaker-than-expected quarterly advertising revenue and user growth on Thursday and forecast revenue short of Wall Street targets, indicating that a turnaround plan has yet to bear fruit for the social networking site.
Monetizable daily active users, or users who see ads, grew 13 per cent 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. Chief Financial Officer Ned Segal, in an interview, said user growth was in line with Twitter's guidance in the previous quarter, and said Twitter was working to boost user activity by prompting people to follow topics they are interested in during the sign-up process.
On Thursday, the company also announced a new US$4 billion share repurchase program, on top of the US$2 billion in buybacks it approved in 2020. The new buybacks demonstrate the company's"confidence in our execution and our strategy," said Segal.
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