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Twitter may become profitable for the first time

Twitter Inc. said on Thursday it may become profitable for the first time next quarter after slashing expenses over the past year and ramping up deals to sell its data to other companies, which could help to break its reliance on advertising for revenue.

 

 

Shares of Twitter soared more than 18% to $20.31 in afternoon trading. The company also said user growth resumed in the third quarter after stalling in the prior three months.



Twitter has never had a profitable quarter based on generally accepted accounting principles (GAAP), but said it "will likely be GAAP profitable" in the fourth quarter if it hits the high end of its estimates.

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