Don’t look now, but Twitter Inc (NYSE:TWTR) shares are sitting at three-year highs.
The social media stock, which was left for dead by many a few years ago, has clearly turned things around. Twitter turned its first-ever quarterly profit recently, and while its audience isn’t really growing, engagement levels certainly are.
Now, as Recode reports, investors are actually buying back into the company’s long-term growth potential — rather than simply crossing their fingers and hoping it’ll be acquired:
Some believe it can still be huge, though the belief that it could become the next Facebook is long gone. Twitter is truly the go-to place for live events and breaking news. And despite all of its troubles these past few years, nothing has been able to surpass it in that department. Facebook, for example, has struggled to get into breaking news and just closed its Trending topics section.
“People used to say it’s just Trump using [Twitter],” said BTIG analyst Rich Greenfield, who referenced tweets from Israeli Prime Minister Benjamin Netanyahu. “This is way beyond Trump. This is becoming the platform of choice for information dissemination and engagement.”
Twitter Inc shares closed at $45.80 on Friday, down $-0.96 (-2.05%). Year-to-date, TWTR has gained 90.75%, versus a 4.26% rise in the benchmark S&P 500 index during the same period.