Twitter tops estimates on revenue, user count jumps to 134 mn; shares surge

Twitter Inc. topped first-quarter sales projections and reported strong user growth, bolstered by changes to its social-media service that are drawing a wider audience of consumers and advertisers. The shares surged.

The San Francisco-based company reported $787 million in revenue, an 18 per cent increase from the year-earlier period. Analysts, on average, estimated $775 million, according to data compiled by Bloomberg. The microblogging site also posted an increase in monetizable daily active users to 134 million, beating analyst predictions for about 128.4 million. That compares with 126 million in the fourth quarter.