Twitter quarterly revenues almost double

Monthly users for the micro-blogging service continue to rise. Picture: Getty

Monthly users for the micro-blogging service continue to rise. Picture: Getty

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SOCIAL network Twitter has beaten Wall Street forecasts after seeing its quarterly revenues almost double.

Although the pace of growth slowed in the final quarter of 2014, revenues leapt 97 per cent to $479 million (£314m) in the three months to December.

Twitter chief executive Dick Costolo said: “We closed out the year with our business advancing at a great pace. Revenue growth accelerated for the year.”

Full-year revenues surged 111 per cent to $1.4 billion, while fourth-quarter adjusted earnings per share of 12 cents came in well ahead of the 6 cents that Wall Street had forecast.

Net losses narrowed to $125m in the fourth quarter, down from $511m a year earlier.

Costolo added: “The trend thus far in the first quarter leads us to believe that the absolute number of net users added will be similar to what we saw during the first three quarters of 2014.”

The San Francisco-based micro-blogging service had 288 million monthly users at the end of the fourth quarter, a rise of 20 per cent on a year earlier.

Shares in Twitter have fallen by more than a third over the past year due to concerns about its ability to broaden its audience. They listed in November 2013 and more than doubled in value before falling back.

Meanwhile, it emerged that Costolo has taken personal responsibility for the platform’s problems in dealing with abuse reported by users.

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