Twitter stock surges in pre-market despite weak quarterly results

Twitter (TWTR.US) stock jumped more than 5% in the pre-marketing market despite the social media company posted disappointing quarterly figures.

Key numbers:

• Earnings per share: 33 cents, adjusted vs 35 cents expected, according to a Refinitiv 
• Revenue: $1.57 billion vs $1.58 billion expected, according to Refinitv
• Monetizable Daily Active Users (mDAUs): 217 million vs 218.6 million expected, according to StreetAccount
• Twitter authorized a $4 billion buyback of its stock. The company plans to repurchase $2 billion of its shares on what it described as an accelerated timeline, with the remaining $2 billion to be purchased over time. 
• Company plans to grow rapidly over the next two years, reaching 315 million daily active users and $7.5 billion in annual revenue by the end of 2023.
• For the current quarter ending in April, Twitter said it expects revenue in the range of $1.17 billion to $1.27 billion. Analysts surveyed by Zacks had expected revenue of $821 million.

Twitter (TWTR.US) stock broke above the upper limit of the downward channel during yesterday’s session and the upward move is continued today. Stock is testing major resistance at $40.00 which coincides with 50 SMA (green line). Source: xStation5