What happened
Shares of social network Twitter (TWTR) surged higher on Friday, having risen about 10.7% as of 10:27 a.m. PDT.
The stock's gain follows the company's second-quarter earnings release, which included better-than-expected revenue and strong growth in daily active users.
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So what
Twitter's second-quarter revenue rose 18% year over year to $841 million, coming in ahead of analysts' average forecast of $830 million. It also was above the high end of management's guidance for revenue during the quarter to be between $770 million and $830 million.
Operating income for the period was $76 million, well ahead of management's guidance for operating income to be between $35 million and $70 million.
Daily active users increased 14% year over year -- an acceleration compared to 11% growth in the first quarter of 2019.
Now what
For its third quarter, management guided for revenue to be between $815 million and $875 million. In addition, Twitter forecast operating income for the period to be between $45 million and $80 million.
For the full year, management said it expects GAAP (generally accepted accounting principles) operating expenses to rise 20% year over year "as we continue to invest for growth and support the top priorities we outlined at the beginning of the year: health, conversation, revenue product and sales, and platform."
