The company on Thursday said it added 4 million monthly users during the third quarter and grew daily users by 14%, a much-needed improvement from the zero new users added during the previous quarter. (Apparently their internal calculations can now be trusted.) The bump pushes Twitter's MAU count to 330 million, although the company still held back on releasing its number of daily active users.
"We discovered that since the fourth quarter of 2014 we had included users of certain third-party applications as Twitter MAUs that should not have been considered MAUs", it explained.
In its latest quarterly result statement, Twitter admitted it had been overestimating its monthly active user numbers by up to two million since the end of 2014.
The disparities between the reported and actual numbers, which range between 1 million and 2 million users depending on the quarter, were broken down in a chart that Twitter released to accompany the news.
Chipotle Mexican Grill, Inc. (NYSE:CMG) Losing Traction Rapidly
COPYRIGHT VIOLATION WARNING: This piece was originally posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. American Century Companies Inc. grew its position in shares of Chipotle Mexican Grill by 59.8% during the 2nd quarter.
The social networking site's losses also significantly decreased-Twitter faced a $21 million shortfall this quarter, down from $103 million in the same period a year ago. Twitter previously believed that their user base had stayed flat during the second quarter.
Another reason Wall Street is happy?
"This quarter we made progress in three key areas of our business: we grew our audience and engagement, made progress on a return to revenue growth, and achieved record profitability", said Jack Dorsey, Twitter's CEO.
Digits would allow third-party applications to send authentication messages through Twitter's systems.
Billionaire wealth shatters $6tr barrier for first time
That is, entrepreneurial billionaires beat the markets by being in industries that posted above-average gains in 2016. The US might be the wealthiest country in the world, but it's not churning out the most billionaires.
It now says the issue was first there in the fourth quarter of 2016, and has made adjustments for it and the following quarters.
The earnings report also addressed Twitter's ongoing problems with harassment.
Twitter said the error in past user estimates was caused when it wrongly counted people who logged into applications associated with the firm's Fabric software platform. The site also prohibited photos of non-consensual nudity, and said it would take a harder line on hate symbols and organizations that promote violence.
United Kingdom growth up 0.4 pct in Q3
There was no change to the annual rate of growth which remained at 1.5%, beating market expectations of a dip to 1.4%. Sterling shot up following the release , rising more than 0.3% against both the United States dollar and the euro.