Twitter Finally Earns Profit After 12 Years

File The Twitter share price soared on the news that it had finally turned a profit

The news sent the company's shares up more than 22 percent in premarket trading.

It only took 12 years, but Twitter finally is able to report they have turned a profit for the first time ever in its history.

In 2017 Twitter's net loss narrowed to $108.1 million, or 15 cents per diluted share, compared with a net loss of $456.9 million, or 65 cents per diluted share, in 2016.

Although they were profitable, their net income was not high ($91 million).

The company, which went public five years ago, added that video remained its largest advertising format and grew as a per cent of total revenue during the three-month period. The adjusted fourth quarter profit and revenue came in above street targets.

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Twitter had forecast a quarterly profit for Q4 2017 as it cut down on expenses.

The fourth quarter of 2017 was the fifth consecutive quarter of double-digit DAU growth, and audience and engagement continue to grow, according to the company's press release.

Twitter's average monthly active users were 330 million for the quarter, which was flat quarter-over-quarter and up 4% year-over-year.

It also enjoyed a 2 per cent year-on-year hike in revenue to $732m.

For the first quarter of 2018, Twitter said it expected operating earnings in the range of $185m to $205m.

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