THE NEWS WRAP: Twitter posts 119% year-on-year revenue jump

Twitter released its 2014 results this morning with revenue reaching $250 million for the period, up 119% on a year-over-year basis.

 

In addition the social media giant added 14 million new monthly active users.

 

Twitter chief executive Dick Costolo says the quarter was very strong.

 

“Revenue growth accelerated on a year-over-year basis fuelled by increased engagement and user growth,’’ he says.

 

“We also continue to rapidly increase our reach and scale.”

 

Analysts were predicting revenue of around $241 million for the quarter.

 

eBay beats revenue expectations

 

Also announcing better than expected results for the quarter was eBay, which posted revenue growth of 14%.

 

The company announced that revenue for the quarter reached $4.3 billion.

 

Apple drops Macbook Air prices

 

Consumers in the market for a Macbook Air will now be able to pick one up starting from $899. The refresh features Intel’s Haswell processor and is now $100 less than the previous model.

 

Overnight

 

The Australian dollar was trading at US92.68 cents, up from 92.39 cents on Tuesday. The Dow Jones average is up to 16535.37.

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