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Twitter reported today that its revenue for the fourth quarter of 2013 reached $243 million, up 116 percent year-over-year, marking a positive end to its first quarter as a publicly-traded company. The company reported non-GAAP earnings of 2 cents per share, and non-GAAP profit of $10 million.

Those numbers soundly beat expectations from the Thomson Reuters survey of financial analysts, which projected the company would report quarterly revenue of $218 million, and a loss of 2 cents per share.

The company’s financial growth was primarily driven by advertising revenue, which grew more than 121 percent over the year-ago quarter to $220 million, with 75 percent of that revenue coming from mobile.

It’s a good sign for the company, which saw a meteoric IPO in November.

“Twitter finished a great year with our strongest financial quarter to date,” Twitter CEO Dick Costolo said in a press release. “We are the only platform that is public, real-time, conversational and widely distributed and I’m excited by the number of initiatives we have underway to further build upon the Twitter experience.”

A chart of Twitter's user growth

While the company’s financials seem sound, its user growth has Wall Street worried. The company reported that it has 241 million monthly active users as of the end of last quarter, compared to 232 million MAUs at the end of the September quarter.

In the broader context of its competition with Facebook, those numbers seem a bit more worrying. Facebook reported that it had an average of 699 million daily active users last quarter, meaning that almost three times as many users visit Facebook every day as Twitter brings in every month. While there’s plenty of room for more than one social network on the internet, investors seem concerned that Twitter may not be able to grow its users (and by extension, its ad revenue) fast enough.

As of this writing, Twitter’s stock is down more than 11 percent from its close at $65.97 a share in after-hours trading.

Here’s a more detailed look at the company’s financial statements:


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