Twitter swings to 1Q loss despite revenue growth as costs up

Twitter posted a loss in first quarter as social media company's higher expenses outweighed revenue growth.

San Francisco company reported Thursday that aver daily users grew 24% year over year, highest ever growth rate in company's history. Twitter has ded 14 million daily users since previous quarter. company said growth was driven by seasonal strength, product improvements and interest in coronavirus.

Last year, Twitter started disclosing its daily user base, or number of users who log in at least once a day and see s on platform. daily metric has replaced its monthly user count, which Twitter said it will longer disclose. Or companies, such as Facebook, give both daily and monthly counts.

For three months ended in March, Twitter posted a loss of $8.4 million, or 1 cent per share, on revenue of $807.6 million.

On aver analysts surveyed by FactSet forecast quarterly earnings per share of 10 cents on revenue of $783 million.

Shares jumped 7.2% in premarket tring.