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Twitter Admits of Overstating Monthly-User Figures For 3 Years
28 October 2017, 01:07 | Ruben Fields
Henry Dombey | Vox Media
As a outcome, the revised total for Q2 is now 326 million, but that has meant that it can claim to have added four million users in the last three months.
Shares of Twitter soared over 18 percent on Thursday after the company reported that it expects to be profitable for the first time ever during the next fiscal quarter.
The social media giant released its third quarter earnings report today, and there were several bright spots. Digits users accessed Twitter through third-party apps-they should not have been included as part of the monthly active user count, but they were by mistake.
Announcing its quarterly financials, Twitter admitted that it had over-counted the number of users it had, but said that the error amounted to less than 1%.
Twitter released its third-quarter earnings report in the morning, revealing that it posted a revenue of $590 million for the quarter.
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Monthly active users: 330 million, up from 326 million in the previous quarter and an increase of 4% from the year-ago period. Twitter previously believed that their user base had stayed flat during the second quarter. In a letter, written to its shareholders, Twitter wrote that since the end of the year 2014, it had been counting users of apps that used Digits, Twitter's now defunct developer toolkit which was launched in October 2014, in its counting of monthly users.
Another reason Wall Street is happy? The company said it didn't have exact data for periods before the fourth quarter of 2016, but that those losses would be the same or smaller than the four quarters reported.
Twitter has also been criticised for not taking enough efforts to stop abuse and harassment on the platform. Earlier this month, women boycotted Twitter in support of celebrities like Rose McGowan who were trolled on the platform.
Shares in Twitter have rocketed in pre-market trading on the back of a return to user growth, up more than eight per cent - and it even predicted that it is nearing profitability for the first time.
On a call with investors, CEO Jack Dorsey reiterated that Twitter is intently focused on improving safety for users. 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.
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The total revenue of GST paid under different heads upto October 23, 2017 for the month of September 2017 is Rs 92,150 crore. In the last three-and-half years, the government has pumped in '58,848 crore capital in the public sector banks.