Updated at 9:34 am EST
Twitter (TWTR) - posted better-than-expected first quarter earnings Thursday in what could be one of the social media group's last public updates as it prepares for its likely privatization following a merger with Elon Musk's bovadaly-created takeover company.
Twitter said non-GAAP earnings for the three months ending in March were pegged at 61 cents per share, well up from 8 cents per share over the same period last year and firmly ahead of the Street consensus forecast of 3 cents per share.
Group revenues rose 15.4% to $1.2 billion, just shy of Street forecasts of a $1.225 billion tally while costs and expenses rose 35% to $1.33 billion.
Twitter said average monetizable daily active users, its term for the number of daily users who can view ads, rose 5.5% from the December quarter to 229 million, with a 39.6 million gain of U.S.-based users.
However, the group noted that an error in March of 2019 set up the overstatement of MDUAs for the reporting periods that followed, up until the end of last year, casting doubt on the comparable figures.
- Stock Market Today - 4/28: Tech Sentiment Boosts Markets With Apple, Earnings, GDP Data And The Dollar In Focus
Twitter also said that, "in light of the proposed transaction with Mr. Musk, as is customary during the pendency of an acquisition: it will not be "hosting a conference call, issuing a shareholder letter, or providing financial guidance in conjunction with its first quarter 2022 earnings release."
Twitter had previously said it sees revenue growth in the "low to mid 20% range" and held onto its 2021 guidance that sees $7.5 billion in revenues and 315 million daily active users by 2023.
Twitter shares were marked 1% higher in early Thursday trading immediately following the earnings release to change hands at $49.05 each.