Twitter share price soars following massive increase in revenue

 

Twitter’s share price is soaring in early trading on the New York Stock Exchange. 

 

Investors have shrugged off any concerns about slow growth in monthly active users and are instead being swayed by fourth-quarter revenue that came in ahead of expectations.

 

Revenue at the social media company reached $479m (£314m) for the fourth quarter – a 97 per cent increase year-on-year.

 

After closing at a price of $39.79 per share on Thursday night, Twitter opened 13.5 per cent up on Friday at a price around $46 per share.

 

Investors would have also been encouraged by earnings per share which came in at a price of 12 cents, smashing the expected six cents.

 

Twitter’s chief executive Dick Costolo also confirmed in an earnings call that Twitter has signed a deal with Google which brings tweets back into Google searches for the first time since 2011.

 

 

After Twitter released its results after market close on Thursday, shares initially plummeted six per cent before later recovering.