THE NEWS WRAP: Twitter’s quarterly revenue up 114%

Twitter has announced its third quarter financial results, posting revenue of $US361 million ($A410 million), up 114% year-over-year and earnings per share of $0.01.

Average monthly active users were 284 million for the quarter, an increase of 14% year-over-year, and up from 271 million in the previous quarter.

Twitter chief executive Dick Costolo says it’s another strong quarterly performance for the company.

“I’m confident in our ability to build the largest daily audience in the world, over time, by strengthening the core, reducing barriers to consumption and building new apps and services,” he says.

Facebook considers hosting content

Social media giant Facebook is working with traditional publishers and discussing better ways to collaborate, The New York Times reports.

One possibility is that publishers could send pages to Facebook that would live inside its mobile app and be hosted by its servers, enabling those stories to load quickly with ads that Facebook sells. The revenue would then be shared.

Facebook chief product officer Chris Cox says the company and publishers are only at the very beginning of the conversation, one that’s important to get right.

“Because we play an increasingly important role in how people discover news that they read every day, we feel a responsibility to work with publishers to come up with as good an experience as we can for consumers,” Cox says.

“And we want and need that to be a good experience for publishers as well.”

Buffer looking to raise $3.5 million

Social media scheduling app buffer has knocked back four acquisition offers, instead preferring to raise $US3.5 million ($A4 million) at a $US60 million valuation.

It’s already secured three investors, Collaborative Fund, Red Swan and Vegas Tech Fund and is looking for another $US350,000.

Overnight

The Dow Jones Industrial Average is up 12.53 to 16,817.94. The Australian Dollar is currently trading at US88 cents.