Twitter admits it overstated monthly user numbers for 3 years

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Twitter on Thursday revealed that it accidentally overstated its monthly-user figures for last three years but is actually growing now as it had gained almost four million monthly members over the last three months.

Shares of Twitter soared over 18 percent on Thursday after the company reported that it expects to be profitable for the first time ever during the next fiscal quarter.

Daily active user growth: Up 14% from the year-ago period.

The social media giant released its third quarter earnings report today, and there were several bright spots.

"We discovered that since the fourth quarter of 2014 we had included users of certain third-party applications as Twitter MAUs that should not have been considered MAUs", the company mentioned in a statement accompanying its earnings.

In their third quarter, Twitter added approximately 4 million monthly users, surpassing analyst expectations by approximately one million.

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Twitter says it now has 330M monthly active users, with a combination of email and push notifications driving traffic to the platform.

Monthly active users: 330 million, up from 326 million in the previous quarter and an increase of 4% from the year-ago period.

The company did have to concede that it had miscounted its user figures in the second quarter, which masked a drop in its overall total.

Wall Street rejoiced at Twitter's performance-company stock was up almost 15 percent in morning trading.

"This quarter we made progress in three key areas of our business: we grew our audience and engagement, made progress on a return to revenue growth, and achieved record profitability", said Jack Dorsey, Twitter's CEO. The third-party app that led to the monthly user miscalculation, Digits, allowed Twitter users to log into other online services using their Twitter credentials. As a result, it lowered previously reported user numbers by 1 million for the fourth quarter of 2016 and by 2 million for the first two quarters of 2017. The fact that the platform is President Trump's favored communications tool is also likely to have raised Twitter's profile among potential users.

Twitter recently announced that it will give users more power to report unwanted sexual advances.