Twitter is down 9.88% at $16.87 a share on Thursday morning after the social media company missed analysts' expectations for its fourth-quarter revenue but beat on earnings.

Advertising spend lagged behind a recent boost in daily use of the platform. Twitter's monthly active users grew to 319 million, up from 317 million in the prior quarter. Daily active use grew 11% year-on-year, up from growth of 7% in the third quarter, which the company credited to product improvements, marketing, and "organic trends."

Advertising revenue in the quarter was down 1% year-on-year. The company said strength in its video ads was being offset by declines in its marquee ad format — promoted tweets — and direct-response ads. US ad revenue declined 7% year-on-year to $382 million in the quarter.

Twitter continues to be a loss-making company, reporting a net loss of $167 million in the quarter and a net loss of $457 million for the full financial year.

Here are the key numbers:

Q4 revenue: $717 million versus $740.14 million expected by analysts

Q4 EPS (adjusted): $0.16, versus $0.12 a share expected by analysts

Q1 guidance: Adjusted EBITDA to be $75 million to $95 million, adjusted EBITDA margin to be 17% to 17.5%.

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