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Twitter Inc is a global platform for public self-expression and conversation in real time. It provides a way for people to stay informed about their interests, discover what is happening in their world and interact directly.
Friday, Mar 712:57 PM
Friday, Mar 712:57 PM| 36 Comments
- Twitter's (TWTR -1.3%) first 10-K filing reveals the company's "ad engagements" rose 74% Q/Q and over 6x Y/Y in Q4. At the same time, this surge in ad impressions/inventory led the company's average cost per engagement to fall 18% Q/Q and 69% Y/Y.
- Twitter notes the launch of its promoted tweet/trend/account ad products on mobile served to grow inventory, as did their launch in new international markets. The company unveiled a slew of new ad products in Q4, including ones specifically aimed at TV viewers and mobile app users.
- Also disclosed: Twitter's U.S. ad revenue per 1K Timeline views is still more than 6x international levels ($3.80 vs. $0.60). The U.S. figure rose 48% Q/Q, and the international figure 67%. This gap is the reason international sales accounted for only 27% of Q4 revenue, even though Twitter's international active user base is more than 3x as large as its U.S. base.
- Twitter says it paid $36M to buy 900 patents from IBM, and thus end an IP dispute with the IT giant.
Monday, Mar 34:57 AM
Monday, Mar 34:57 AM| 6 Comments
- Fox Searchlight's (FOXA) "12 Years a Slave" has won the Oscar for the Best Picture and picked up two other Academy awards.
- Warner Bros' (TWX) "Gravity" received the most gongs with seven Oscars, including Best Director for director Alfonso Cuaron.
- Disney's (DIS) "Frozen," which has taken over $1B at the box office, took Oscars for best animated feature film and original song.
- However, Paramount Pictures' (VIAB) "The Wolf of Wall Street" failed to win any awards despite five nominations, while "American Hustle" came away empty handed despite 10 nominations.
- Host Ellen DeGeneres caused Twitter (TWTR) to crash briefly after posting a star-studded selfie that was retweeted over 2M times, setting a new record.
Friday, Feb 144:46 AM
Friday, Feb 144:46 AM| 6 Comments
- Twitter's (TWTR) first post-IPO lock-up period is due to expire tomorrow, allowing non-executive staff holding 9.87M shares to sell their stock.
- That would increase the number of tradable shares by 12% to 90M. Another 474.7M shares will become eligible for sale in May.
- Twitter's shares have more than doubled since it listed in November, although they've sunk 14% since the company released its latest quarterly earnings last week.
Tuesday, Feb 116:15 PM
Tuesday, Feb 116:15 PM| 3 Comments
- Twitter (TWTR) is testing a redesign for its profile pages that more closely resembles Facebook's Timeline pages (or for that matter, Google+ profile pages) than their current look, in which an endless chronological stream of 140-character-or-less updates takes center stage.
- Among other things, photos receive plenty of screen space, tweets are shown in a much larger font size, and photo/video tweets are given a separate category.
- The test comes after Twitter shares crashed in response to disappointment with the company's Q4 Timeline view and active user growth. The numbers fueled concerns Twitter and its non-stop update streams remain bewildering for many would-be users.
- CEO Dick Costolo has already said Twitter is planning a number of changes to ease its learning curve. Among them: Enabling topic-based content discovery; adding more conversational tools, and allowing mobile sign-ups to quickly add users from their contact books.
Friday, Feb 72:40 PM
Friday, Feb 72:40 PM| 20 Comments
- Down 24% yesterday due to the disappointing engagement/user growth metrics provided in its Q4 report, Twitter (TWTR +8.9%) is recouping a portion of its losses today. With 32.7M shares shorted as of Jan. 15, it's likely many shorts are taking profits.
- Meanwhile, Facebook (FB +2.9%) is again surging to new highs even as LinkedIn sells off due to weak guidance. Shares are up 20% since the company posted a big Q4 beat.
- Though reiterating a Sell on Twitter, Pivotal Research's Brian Wieser suggests Twitter is misunderstood by those making direct Facebook comparisons (previous), and that the former is to the latter as radio is to TV.
- Twitter is "a marketing vehicle capable of satisfying different kinds of marketing goals," writes Wieser. Whereas Facebook provides a better environment for marketers to form relationships with consumers and engage in "immersive brand-building," Twitter provides immediacy, a greater proportion of out-of-home mobile activity, and "a greater capacity for in-your-face messaging."
- He still considers Twitter overvalued, but believes its Q4 numbers show it's proving quite successful at gaining traction with a variety of marketers.
Thursday, Feb 612:46 PM
Thursday, Feb 610:03 AM
Thursday, Feb 610:03 AM| 20 Comments
- Twitter (TWTR -18.7%) analysts, already more bearish than bullish going into the company's Q4 report, have become even moreso afterwards, as worries about Timeline views and MAU growth fully overshadow improving ad monetization. UBS, Sterne Agee, and Atlantic Equities have moved from neutral to bearish ratings, and Stifel from Buy to Hold.
- Susquehanna (Market Perform, PT cut to $48 from $55) thinks Twitter's MAU growth (9M Q/Q) missed consensus by 8M. The firm also notes Facebook added 63M MAUs in a quarter when it was Twitter's size (in Q3 '09), and added 4x as many as Twitter in Q4. Likewise, LinkedIn (nearly the same size as Twitter) added 21M users in Q3.
- UBS observes Twitter still traded at 30x 2014E EV/sales (vs. 13x for Facebook) even after yesterday evening's selloff, and predicts efforts to improve engagement/user growth will require higher R&D spend.
- Deutsche (Buy, PT increased to $65 from $50) remains optimistic about Twitter's ability to eventually achieve Facebook-like scale, but thinks "bears win near-term" and admits Twitter's user growth/engagement challenge is tougher than the monetization challenge Facebook dealt with following its IPO.
- More on Twitter's earnings. CC transcript.
Thursday, Feb 69:15 AM
Wednesday, Feb 56:03 PM
Wednesday, Feb 56:03 PM| 7 Comments
- With Twitter (TWTR) having just reported it saw declining Timeline views (on a Q/Q basis) and slowing MAU growth in Q4, CEO Dick Costolo has admitted on the CC Twitter needs to become easier for new users to grasp.
- Among Costolo's proposed remedies: Enabling the discovery of content based on topics, and adding more conversational features and "rich media" content. Twitter has already made some changes along these lines.
- Concerns that Twitter's relatively steep learning curve have led to high rates of churn have been around for a while. The company's ended Q4 with roughly 1/5 as many MAUs as Facebook.
- In response to a question about the Timeline view slump, Costolo suggests the metric provides an incomplete picture of Twitter engagement, since interactions per Timeline view continue to grow. He claims retweets and favorites are up over 35% following recent UI changes.
- Costolo and CFO Mike Gupta insist their company is just scratching the surface when it comes to ad monetization, and particularly highlighted its e-commerce opportunities. But they also insist Twitter will take a conservative approach to ad load for the sake of the user experience.
- CC live blogs: I, II
- Q4 results, guidance/details, slides
Wednesday, Feb 54:23 PM
Wednesday, Feb 54:23 PM| 39 Comments
- Twitter (TWTR) is guiding for Q1 revenue of $230M-$240M (above a $215.2M consensus) and adjusted EBITDA of $10M-$16M. Full-year guidance is for revenue of $1.15B-$1.2B (above a $1.13B consensus) and adjusted EBITDA of $150M-$180M. Full-year capex is expected to total $330M-$390M.
- One troubling datapoint: Twitter's Timeline views fell 7% Q/Q in Q4 to 148B. On a Y/Y basis, views were up 26%, but that's a much slower pace than Q3's 50%.
- Twitter's revenue growth accelerated to 116% Y/Y in Q4 from 105% in Q3, as the launch of several major new products provided a big lift to monetization. Ad revenue +121% to $220M, data licensing/other +80% to $23M.
- Twitter's ad revenue per 1K timeline views for seasonally strong Q4 was $1.49, up 54% Q/Q and 76% Y/Y. International revenue tripled Y/Y, but still only accounts for 27% of total revenue; Twitter's international user base is more than 3x as large as its U.S. base.
- Monthly active users (MAUs) totaled 241M at the end of Q4, +4% Q/Q and +30% Y/Y. Mobile MAUs +37% Y/Y to 184M.
- Mobile accounted for over 75% of ad sales, up from 70% in Q3 and 65% in Q2.
- CC at 5PM ET. Q4 results, PR
Wednesday, Feb 54:07 PM
Wednesday, Feb 51:27 PM
Wednesday, Feb 51:27 PM| 10 Comments
- Trading in highly volatile Twitter (TWTR +0.1%) is muted ahead of the microblogging platform's anticipated Q4 report. Topeka's Victor Anthony, one of six analysts with a bullish rating on Twitter (23 have neutral or bearish ratings), has raised his PT to $70 from $54.
- Anthony expects Twitter to beat Q4 estimates with the help of the numerous ad product updates/launches it carried out during the quarter. At the same time, he admits Twitter is "richly valued based on traditional valuation methods," and that this could lead shares to sell off post-earnings.
- RBC and Wedbush offered bullish takes on Monday, with the former citing a positive monthly ad survey.
- Some of the metrics that will be closely scrutinized: Twitter's ad revenue per 1K timeline views (growing quickly from modest levels); international per-user monetization (currently a small fraction of U.S. levels); and monthly active user growth (still healthy, but falling short of previous targets).
- A whopping 32.7M shares were shorted as of Jan. 17.
Monday, Feb 34:06 PM
Monday, Feb 34:06 PM| Comment!
- Upbeat notes from RBC and Wedbush have helped Twitter (TWTR +1.2%) close higher on a brutal day for equities. The performance comes two days ahead of Twitter's first earnings report as a public company.
- RBC's Mark Mahaney (Outperform) calls Twitter's Q4 consensus "achievable," and respectively forecasts Y/Y ad sales and monthly active user growth of 121% and 38%. He adds a monthly ad survey was positive - 40% of respondents said they upped their Twitter ad spend over the last 6 months, and 60% expect to do it over the next year - and thinks Facebook's strong Q4 results are "broadly positive" for Twitter (investors seemed to agree).
- Cantor's Youssef Squali, while reiterating a Sell, also expects strong Q4 results. He suspects Twitter (70% of Q3 ad revenue from mobile) is benefiting from mobile momentum similar to Facebook's.
- Meanwhile, Twitter is continuing its data-licensing efforts in the wake of last week's CNN/Dataminr deal. The company is partnering with music industry firm 300 Entertainment uncover music-related insights from its data firehose.
- Also: Though it's not working directly with Twitter, Thomson Reuters (TRI) is now including including Twitter sentiment analysis in its Eikon market analysis/trading platform.
Friday, Jan 319:37 AM
Friday, Jan 319:37 AM| 18 Comments
- Twitter (TWTR -1.2%) has bought 900 patents from IBM (IBM -0.9%) for an undisclosed sum. The sale, along with an attached cross-licensing agreement, ends an IP dispute between Twitter and IBM related to patents the latter believed the former was infringing.
- In prior years, IBM has sold 750 patents to Facebook, and over 2K patents to Google. The company has consistently topped U.S. patent grant rankings for two decades, and is believed to generate ~$1B/year in patent licensing revenue.
- The deal shores up Twitter's relatively paltry IP portfolio, a portfolio that some have considered a business risk. Twitter, through its Innovator's Patent Agreement, has promised it won't use patents created by its own engineers/designers for "offensive litigation" without their creators' consent.
Thursday, Jan 309:10 AM|Thursday, Jan 309:10 AM| 1 Comment
Wednesday, Jan 294:48 PM
Wednesday, Jan 294:48 PM| 1 Comment
- Several high-flying Internet stocks are getting a lift from Facebook's big Q4 beat, which was accompanied by news the social networking giant's mobile ad sales rose ~4x Y/Y and now account for over half of its ad sales.
- TWTR +4.1% AH. LNKD +2.6%. YELP +2.2%. Z +2%. GRPN +1.6%. SINA +0.7%.
- Google reports tomorrow. Twitter and Yelp are due up on Feb. 5, and LinkedIn on Feb. 6.
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