Twitter Inc. (NYSE:TWTR) reported earnings after the close today, which shattered analyst estimates and sent shares up 29% (at the time of this writing) in post market trading. Investors were satisfied by both the earnings results and comments on the conference call from Twitter management. Below is a portion of the conference call tonight, highlighting remarks from Twitter CEO, Dick Costolo.
Dick Costolo, Twitter Inc (NYSE:TWTR) CEO
Thanks everyone for joining us this afternoon.
We had a strong quarter.
Alight Capital Management declined 1.3% on a net basis for the first quarter of 2022, according to a copy of the firm's quarterly update, which ValueWalk has been able to review. Short positions offset most of the losses on the long side of the portfolio. The long/short equity fund exited the quarter with a net Read More
We made progress on multiple fronts across the business and our financial performance was truly exceptional.
I would like to run through you a few highlights, then we can dive into the details.
We generated $312 million in revenue which represents 124% growth on a year on year basis.
That’s our fourth consecutive quarter of accelerating revenue growth.
Ad revenue growth also continues to be remarkably strong, accelerating to 129% year over year.
That growth is primarily driven by higher engagement which translates into improved ROI for our marketers.
Our monthlily active users also grew to $271 million in the quarter, an increase of 16 million, the highest number of absolute net new user adds in five quarters.
And then finallily, we generated $54ly M in adjusted EBITDA more than doubling margins year-over-year to 17%.
Later on the call, Mike will provide more details on this past quarter’s results and Anthony will talk more about our going forward outlook.
I would like to start by talking a little bit about the progress we’re making on our consumer product.
Twitter Inc. (NYSE:TWTR) and World Cup
First, during the World Cup we delivered the kind of events experience that I have wanted to see from us for some time.
We served up tailored experiences for each individual match and for the overall World Cup.
And these experiences felt alive, they felt wonderfully complimentary to the matches themselves.
That has given me confidence that we can create great user experiences by organizing content around topics and live events.
Second, we have a team focused specifically on building a fast and frictionless Twitter Inc. (NYSE:TWTR) experience for users and geographies with sub optimal connectivity.
We are seeing really positive results from the work there and I’m excited about our growth opportunity in developing markets around the world.
I want to continue to highlight the reach and impact of Twitter Inc. (NYSE:TWTR) across the mobile landscape beyond our owned and operated properties.
As one example, during the Germany-Brazil World Cup game alone, we had approximately 2 billion tweet impressions off of Twitter Inc. (NYSE:TWTR) in addition to the 4.4 billion impressions on Twitter’s owned and operated properties.
Those nearly 6.5 billion impressions in a single match highlight the continued expansion of our global reach and impact.
And beyond our 271 million monthly active users there are hundreds of millions of additional unique visitors who come to Twitter Inc. (NYSE:TWTR) every month but don’t log in. When you consider the combination of monthlily active users and unique visitors, the size of our audience on our owned and operated properties is two to three times that of just our monthlily active user base, which we believe ranks us among the top ten largest digitally connected audiences in the world.
We have started to experiment with improving the experience for this group of unique visit isors.
Profile pages are an example of the limited content we offer town neck visitors who come to Twitter Inc. (NYSE:TWTR) and don’t log in today.
In the last quarter we improved profile pages to make them more engaging, more visually appealing to everybody who comes to Twitter, whether they’re logged in oring logged out, and we will run experiments and continue to run experiments to improve the overall experience for logged out unique visitors.
To be very clear our central focus remains on improving product experiences for our monthly active user base, but make no mistake, our total audience and reach represent a significant opportunity, and we will continue to invest in maximizing the size of our audience.
We are already the world’s real-time information network.
And by giving everyone the best of Twitter Inc. (NYSE:TWTR), no matter where or how they excuse me our content, logged in, as unique visitors, or in syndication, we will position ourselves to reach the largest audience in the world and every person on the planet.
I want to conclude my introductory remarks by expressing my personal thanks to Mike who, as you sawl be transitioning from the CFO role into a new one heading the company’s strategic investments.
I’m excited is obviously for Mike and for the company as he takes on this new channeling leng.
And we’ve also brought on a stellar individual in our new CFO, Anthony nodo what will join us for Q and A and looking forward guidance.
Mike and I had the good fort to tune to work closely well Anthony during our IPO prog.
We’re lucky to now get to workday to day with him in-house.