Look Who Finally Made a Profit. Twitter Shares Surge

Twitter on Thursday reported a growth in ad sales and its first profitable quarter, but the tech firm didn't add any new monthly active users in the last three months of 2017.

"We're proud of the steady progress we made in 2017 and we're confident in our path ahead. We have significant opportunity ahead of us to put Twitter in as many people's hands as possible and make the service more relevant to more people every single day," said Twitter CEO and co-founder Jack Dorsey in a conference call.

Twitter's stock at one point rose more than 23 percent in pre-market trading to $33.28 per share after the company released its financial results.

The San Francisco company, which has struggled to compete for ad dollars, has also faced a string of executive departures. Twitter COO Anthony Noto recently left to become the chief executive of SoFi.

Some analysts and investors raised concerns that Noto's departure could hinder the company's turnaround efforts.

"Industry trends remain generally positive, with the shift toward video likely benefiting Twitter to some extent, but the company's continued struggles surrounding executive retention may hinder the pace of progress in the near future," wrote Colin Sebastian, an analyst at Baird Equity Research, in a note before Twitter released its fourth-quarter earnings.

Dorsey, who started off the conference call by thanking Noto for his contributions, said that executives from his team will be taking on the roles of the departing COO.

"We haven't skipped a beat and we're really excited about looking at this (organization) in a new way but we have a lot of strength around the table and a lot of confidence to continue the strategy," Dorsey said.

Twitter, like Facebook, has also been under pressure to do more to combat misinformation, fake accounts, hate speech and harassment.

The company has also been making changes as...

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