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Twitter posted its Q1 2018 earnings today, and for the second straight quarter, the company is making more money than it is spending.

For the first three months of 2018, Twitter reported a profit of just under $61 million, with revenue of just under $665 million.

The company also saw a slight gain in the number of monthly active users (MAUs), mostly driven by international growth. Twitter reported 336 million MAUs total, up from 330 million in Q4 2017.

Between Q4 2017 and Q1 2018, Twitter added just 1 million MAUs in the U.S., but added 5 million MAUs internationally. The company now has 267 million MAUs internationally, 69 million of which are in the U.S.

The company also reported that the total number of daily active users (DAUs) worldwide grew by 10 percent year-over-year.

As my colleague Chris O’Brien noted last quarter, Twitter was able to become profitable thanks to cutting back on stock-based compensation, a trend which continued this quarter. The company reported spending just over $73 million in stock-based compensation in Q1 2018, compared to $117 million during the same period last year.

Twitter’s ad engagement growth is starting to slow. Ad engagements grew by 69 percent year-over-year, compared to 139 percent between Q1 2017 and Q4 2016. Advertising revenue, which totaled $575 million in Q1 2018 did grow by 21 percent year over year. The company tweeted from its investor relations account that video now accounts for more than half of Twitter’s ad revenue.


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