Twitter released its financial reports for Q3 of 2017, and it looks like the company could soon become profitable.
The company has seen a healthy increase in the number of monthly active users, which is a positive sign as compared to its figures in Q2. In addition to this, the company’s net losses have been cut down to just $21 million. Wall Street analysts believe that if Twitter can improve on its targets in the next three months, it may be able to, for the first time ever, turn a profit.
In its reports the company claims that it has 330 million monthly active users, 69 million of which are based in the United States, up from 68 million in the last quarter.
CEO Jack Dorsey believes that, with projects to improve the platform such as doubling character counts, Twitter is helping “bring people back to Twitter on a daily basis.”
The company declared in its last quarter that it had miscounted the user figures in the second quarter.
Reportedly, the difference in the figure was anywhere between one and two million. Upon rectification, the company’s overall tally for the number of users had dropped. The revised total for Q2 is now 326 million. While at the time it seemed like a huge concern, it has now helped the company present that it has added four million users in the last three months. It’s a big deal for a company that has struggled to demonstrate meaningful growth, especially when competitors such as Facebook and Instagram have stolen the limelight.
Analysts are now keen on witnessing Twitter hit profitability for the first time since its founding.