Social networking platform Twitter said on Thursday that it has recorded a significant spike in its users in what could be its final quarter as a public firm after accepting Tesla CEO Elon Musk’s takeover bid of $44 billion. 

In the first quarter that concluded on March 31, regular active users on the platform skyrocketed to 229 million, compared to 199 million one year ago. The massive figure outshines estimates of Wall Street analysts who had forecasted about 226.8 million daily active users.

On the revenue front, the first quarter amassed $1.2 billion, similar to an expectation of $1.23 billion, according to data derived from Refinitiv.

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Furthermore, Twitter’s net income went from last year’s $68 million and 8 cents per share to $513.3 million, or 61 cents per share this year. 

However, the San Francisco-based company’s total advertising sales and revenue did not manage to reach the expectations of analysts because of the ongoing Russian invasion of Ukraine. Twitter, which garners most of its revenue from advertisements, halted its ad operations in the two countries as the war began.

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According to Reuters, Twitter has also stated that it will be withdrawing its previous outlook and goals. Last year, the company declared that it intends to increase its annual revenue by double the amount, along with a user base of 315 million by the year 2023. 

Twitter, which has often found itself stuck in a rut in terms of user growth, has constantly aimed to strengthen its advertising through targeting, testing and splurging on concepts like video commercials.  

Meanwhile, Meta Platforms said that it has observed a spike in its user base that has helped its stock soar.