Home / / World Cup helps Twitter add $7bn to market value

World Cup helps Twitter add $7bn to market value

Unexpected user surge leads to largest single-day stock-price gain

World Cup helps Twitter add $7bn to market value

Twitter Inc's share price surged by 35% yesterday on the back of a 24% boost to monthly active users seen during the Brazil-hosted FIFA World Cup, Reuters reported.

The user increase represented accelerated growth at a time when investors had become concerned that figures had already peaked. The resultant share-price bump is the company's largest-ever single-day gain and added almost $7bn.

Twitter had previously recorded slowing growth and had lost 40% of its value since January.

"The expectations going in had become quite low," said Arvind Bhatia, an analyst with Sterne Agee. "Even in the U.S. their performance was good. For now, that will put to rest some of the concerns about U.S. growth.

"One would still have to say that the jury is still out... You have to look maybe at what happens in the next quarter and see if they can continue to have upside on the user growth."

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.