Courtesy AFP

Twitter on Thursday reported strong profits and revenues in the third quarter against expectations, igniting a strong rally in shares of the key social network.

The San Francisco based tech giant delivered a $789 million profit, compared to a net loss of $21 million in the previous year, as revenues grew 29 percent to $758 million.

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Twitter shares rallied 12 percent in premarket trade following the results, as the markets overlooked a dip in the number of users.

Average monthly active users totaled 326 million, down from 335 million in the previous quarter.

The company said the drop came from efforts to weed out fake and inauthentic accounts. The recently enacted privacy rules in the European Union also had an effect, reports AFP.