By Yasin Ebrahim
Investing.com - Twitter reported Thursday first-quarter results that beat Wall Street estimates, but user growth just missed consensus estimates taking some shine off the beat.
Twitter (NYSE:TWTR) was down 9% in afterhours trading.
The company posted Q1 EPS of $0.16 on revenue of $1.04 billion, beating estimates of $0.14 on revenue of $1.03 billion.
Monetizable daily active users increased to 199 million from 166 million year-on-year, just short of consensus estimates of 200 million.
Advertising revenue rose 32% to $899 million.
The growth was driven by "accelerating year-over-year growth in MAP revenue and brand advertising that improved throughout the quarter," the company said.
Looking ahead to Q2, revenue is expected to between $980 million and $1.08 billion. That compared with analysts estimates for $1.06 billion. Operating loss is expected to be between $170 million and $120 million.
"[We] now expect headcount growth to more closely mirror expense growth in 2021, with headcount -- and total costs and expenses -- growing 25% or more on a year-over-year basis in 2021, ramping in absolute dollars over the course of the year," Twitter said in the statement.