Twitter jumps most in a year after sales top estimates

Twitter Inc. jumped the most in a year after it reported fourth-quarter revenue that topped analysts’ estimates, capitalizing on a robust holiday season for digital advertising.

Revenue rose 28% to $1.29 billion, compared with the $1.19 billion average analyst prediction, according to data compiled by Bloomberg. Twitter on Tuesday cited “strong brand advertiser demand in the US” as a driver of ad sales in the fourth quarter, according to the company’s shareholder letter. Net income rose to $222 million, or 27 cents a share.

The shares soared as much as 16% on Wednesday, the most since Feb. 6, 2020, hitting a seven-year high. They were trading at $66.76 at 10:04 a.m. in New York, up 12%. Several analysts raised their price targets on the stock.