Twitter announces first-ever profitable quarter

Twitter announces first-ever profitable quarter
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Twitter announced Thursday it made a net profit in the final quarter of 2017, marking the first time the social media giant has had a profitable quarter.

“Q4 was a strong finish to the year,” CEO Jack Dorsey said in a statement. “I’m proud of the steady progress we made in 2017, and confident in our path ahead.”

CNBC reported that the company’s shares jumped more than 20 percent following the report.

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The company reported revenue of $732 million in the fourth quarter of 2017, a 2 percent increase compared to same quarter the previous year. 

For 2017 as a whole, Twitter had a total revenue of $2.4 billion, a 3 percent drop year-over-year. 

The company faced scrutiny from lawmakers in 2017. Congress questioned company representatives about how Russia used the social media platform to sow division and meddle in the 2016 presidential election.