Twitter stock hits high marks with new ad rollout
Investors appear optimistic about the social network's profitability as shares gain 9.3 percent to close at $49.14.
Since going public last month, Twitter has been rolling out various features to snag marketers' attention. It appears this work has paid off. The social network's shares are the highest they've been since the company's first day on the New York Stock Exchange.
Gaining 9.3 percent on Monday, Twitter's shares closed at $49.14. The only other time the social network saw those types of numbers was on its first day of trading when its shares soared from $26 to $50.09, and then closed at $44.90. In the last few weeks, Twitter's shares have been hovering in the low-$40 range.
One of the reasons for investors' optimism may be the rollout of one of Twitter's new advertising features. Last Thursday, the social network announced its tailored audiences program, which is a system designed to help companies target potential customers who have previously expressed interest in their brands.
Besides tailored audiences, Twitter also has launched an advertising tool to target TV conversations, a way for people to use the social network with a feature phone, and a set of tools that lets marketers reach mobile users more easily.
Twitter has yet to make a dime of profit, so it's obviously facing pressure to create new revenue streams. The company's rollout of advertising features is a way to provide value for marketers, and in turn boost its own ad revenue.