Twitter announced on Friday that they have had a profitable third quarter, capping off their first full year of consistent profitability. This comes after Twitter announced that their usership has dropped by 9 million users since the last quarter. However, Twitter says they can justify this massive decline.
In the third quarter, Twitter pulled in $758 million in revenue and turned a net profit of $106 million, a massive growth from $61 million in Q1. Yet, in the third quarter, Twitter had 326 million monthly active users, a drop from the 335 million in Q2. Twitter has been cracking down on automated bots and other suspicious accounts, which they say make up most of the 9 million terminated accounts. In an official statement, they announced these removals and other anti-hacking measures to preserve “the health of the platform.”
Twitter closed at $32.26 Friday after a gain of 1.76%. They are projected to pick off where they left off on Monday, and aren’t slowing down anytime soon.