Twitter says it could turn first-ever profit, shares surge

Are things looking up for Twitter? CEO Jack Dorsey thinks so.                  James Martin  CNET

(Apparently their internal calculations can now be trusted.) The bump pushes Twitter's MAU count to 330 million, although the company still held back on releasing its number of daily active users.

Shares of the social platform have rocketed up almost 15 percent in early morning trading on Thursday, after the company hinted at imminent profits in its third quarter earnings report - despite announcing it had been miscalculating its MAUs by millions.

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now. and Twitter wasn't one of them!

On the financial side, Twitter saw its overall quarterly revenue fall to $590 million, with advertisers reducing their spending on the platform. But Twitter says it can't adjust user numbers earlier than that, because it apparently doesn't have the data to calculate how far off its reports may have been.

Twitter Inc. has admitted to incorrectly reporting its single most important metric, monthly active users (MAUs), for almost three years.

For years, Twitter has struggled to impress Wall Street investors with its lackluster user numbers.

But in spite of the strong earnings and stock performance, Twitter was also forced to eat crow. "These third-party applications used Digits, a software development kit of our now-divested Fabric platform, that allowed third-party applications to send authentication messages via SMS through our systems, which did not relate to activity on the Twitter platform", the statement read.

Twitter said it may be profitable in the upcoming fourth quarter, for the first time in its four years as a publicly traded company.

Specifically, Twitter included all users of its former product "Digits", which users could employ to sign into third-party apps with just a phone number. "This profitability reflects our improved prioritization and disciplined execution across all of our strategic priorities", CEO Jack Dorsey said on the earnings call this morning. Earlier this month, women boycotted Twitter in support of celebrities like Rose McGowan who were trolled on the platform. "We'll be taking a more aggressive stance on our abuse rules and on how we enforce them". It hinted in its earnings report that it would roll out the change to more users, "We expect to see fewer tweets running into the character limit over time, and we'll be sharing the results of this experiment publicly in the coming weeks". The site also prohibited photos of non-consensual nudity, and said it would take a harder line on hate symbols and organizations that promote violence.

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