Twitter shares have increased 20 percent since the beginning of the year.
"It's way too soon to assess the [Twitter Lite] usage trends, but our initial results look really positive", Twitter Chief Executive Jack Dorsey said Thursday morning on a call with investors.
"We're strengthening our execution, which gives us confidence that our product improvements will continue to contribute to meaningful increases in daily active usage".
"We achieved greater operating efficiency". Also, insider Robert Kaiden sold 2,815 shares of the company's stock in a transaction on Thursday, June 1st. "We take action on 10 times the abusive accounts daily compared to this time past year".
By limiting functionality or suspending accounts, Twitter found abusive users generated 25 percent fewer abuse reports. The results weren't bad as the company surpassed analysts' expectations on the revenue and earnings front.
Despite this the company did beat Wall Street's forecast of $537m in revenue, reporting second quarter revenue totaling $574m, although this is 5 per cent down year on year.
The company's second-quarter net loss widened to $116.5 million as it took a $55 million impairment charge and revenue fell 4.7% to $573.9 million, the second time it has fallen since its public market debut in 2013. Even though the two figures are very similar - Twitterposted a $107 million net loss in year-ago quarter - it's still heading in the wrong direction.
He expectedTwitter shares to sink to $10 or less, saying the company lacks mass market appeal and is "trading on entertainers and politicians".
As Twitter's growth has stalled, Facebook has been gaining new users for its main social network as well as Instagram, the social network focused on images and video. Through the platform, users can tune in to watch broadcasts ranging from live sports to financial news.
For the third straight quarter, Twitter'sadvertising revenuedeclined year over year, dropping by 8 percent to $489.1 million.
Morelive video is coming later in 2017, including Stadium, a live collegiate sports channel, and a 24-hour news channel in partnership with Bloomberg.