What happened

Twitter (NYSE:TWTR) shareholders edged past a surging market in November as their stock gained 13% compared to the 11% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.

The rally put the social media specialist up almost 50% so far for the year, but the stock is still just below its all-time high.

An older woman checks her phone while sitting behind a laptop.

Image source: Getty Images.

So what

November's bounce was mainly a quirk of the calendar. The stock dove 20% on the final day of October after investors initially panned the company's fiscal third-quarter report. The earnings data and management comments suggested there was a case of elevated expectations that couldn't survive impact with reality. While Twitter revealed encouraging growth in engagement, advertising, and monetization, investors wanted more.

Wall Street sentiment changed over the next month, though, as investors took the late-October slump as a buying opportunity. It also didn't hurt that the wider tech index soared higher by 12% in November.

Now what

Twitter could report some impressive operating results over the next few quarters if advertisers continue to flock toward its service -- and if the global economy avoids a deeper recession before the COVID-19 vaccines arrive in full force. Investors will get their next key update on those growth trends when the company announces fiscal fourth-quarter results in early February.

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