Twitter’s first-quarter earnings miss expectations, shares fall 11% after hours

Social media Twitter Inc. announced that in the first quarter of this year, revenue increased 28% year-on-year to $1.04 billion, compared to market expectations of $1.03 billion, and net profit of $88 million, compared to a loss of $8.3 million in the same period of the previous year. Adjusted earnings per share were US8 cents, compared to market expectations of US14 cents.

During the period, the company’s average realizable daily active users improved 20% year-over-year to 199 million, compared to market expectations of 200 million.

Twitter shares fell sharply by 11.26% to $57.76 in the after-hours trading session.