Twitter stock was flying high on Thursday following the release of its earnings report for the third quarter of 2018.
Twitter’s (NYSE:TWTR) earnings report for the third quarter of the year starts with earnings per share of 21 cents. This is better than the company’s earnings per share of 10 cents from the same time last year. It was also good news for Twitter stock by coming in above Wall Street’s earnings per share estimate of 14 cents for the quarter.
Net income reported by Twitter for the third quarter of the year came in at $789.18 million. This is a great increase over the social media company’s net loss of $21.10 million million reported in the third quarter of 2017.
Twitter notes that its net income for the third quarter includes deferred tax asset valuation allowances. This was responsible for $683 million of the company’s net income for the quarter. Without it, net income was for the quarter was $106 million.
Twitter also reported operating income of $91.87 million for the third quarter of 2018. This is up from the company’s operating income of $7.28 million reported during the same period of the year prior.
During the third quarter of the year, Twitter reported revenue of $758.11 million. The company’s revenue from the third quarter of the previous year was $589.63 million. This is a boon to Twitter stock by beating out analysts’ revenue estimate of $702.57 million for the period.
TWTR stock was up 17% as of Thursday morning and is up 7% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
