Twitter CEO Dick Costolo says that the social network had a strong first quarter. But investors are begging to differ.
Earlier today, Twitter reported its first quarter earnings which ended on March 31. The social network posted a revenue of $250 million, a 119 percent increase per year. However, the net loss for the quarter was $132 million, amounting to a GAAP net loss of $0.23 per share.
Don't Miss: Hottest CES 2017 Announcements
The non-GAAP net income was $183,000, producing a non-GAAP earnings per share of $0.00.
Twitter exceeded Wall Street expectations, which was lower at $241.5 million and at a three cent per-share loss, according to Thomson Reuters.
With regards to advertising revenues, Twitter reached $1.44 per 1000 timeline views. Although it is a 96 percent increase per year, investors are beginning to doubt Twitter's future. Twitter recently made changes to its timeline - a move that increased timeline views in the first quarter to 15 percent or 157 billion.
Meanwhile, average monthyl users were 255 million, with 78 percent of users tweeting from their mobile devices. The monthly active users on mobile saw a 31 percent year-over-year increase, bringing the total number to 198 million.
"We had a very strong first quarter. Revenue growth accelerated on a year over year basis fueled by increased engagement and user growth," said Dick Costolo, CEO of Twitter. "We also continue to rapidly increase our reach and scale. With the integration of MoPub, we now reach more than 1 billion iOS and Android users each month, making us one of the largest in-app mobile ad exchanges in the world and the only one at scale to offer native in-app advertising."