While a heatwave across the Bay Area had people across the region sweltering, there’s something else that’s hotter than many had expected: Twitter’s stock price.
On Thursday, Twitter shares rose nearly 3 percent, to as high as $18.38, which added to Wednesday’s gain of more than 5 percent. For the week, Twitter’s shares have risen more than 9 percent.
So, what gives?
Well, President Trump keeps tweeting…
I certainly hope the Democrats do not force Nancy P out. That would be very bad for the Republican Party – and please let Cryin' Chuck stay!
— Donald J. Trump (@realDonaldTrump) June 22, 2017
But those statements don’t bring any dough through Twitter’s front door.
The company seems to be benefiting from a report from Cleveland Research, which as the name suggests, is based in Cleveland, home of the former-NBA champion Cleveland Cavaliers. Cleveland Research issued a report on Wednesday saying that Twitter has made big improvements in its strategy and execution, and how it has rolled out its live programs. Cleveland called the feedback it has received about Twitter as “constructive.”
It’s no secret that Twitter’s biggest problem has been how to make money off what is, in essence, a free platform for anyone to rant and rave about whatever catches their attention on a daily basis.
One of the things Twitter is doing differently is expanding to offer live video programs such as NFL and Major League Baseball games, as well as original programming for the NBA, and an upcoming news channel that Twitter is creating in conjunction with Bloomberg.
On Wednesday, Twitter added a new feature to its Periscope video-streaming service that will let those doing the streaming make money directly from their streaming efforts. Twitter users can purchase Periscope “coins” that can then be spent on new Super Hearts, which themselves can be sent to someone who is doing a live stream over Periscope.
Follow all that? Well, if it keeps Twitter hot, the company will probably be fine with however you understand its strategy.
Photo: Twitter’s app on an iPhone screen. (Richard Drew/AP)