Twitter's stock fell more than 11% during extended trading Thursday after the company released its first quarter earnings, Fox Business said Friday.

The San Francisco-based company posted a net income of $68 million for the first quarter, or 8 cents a share, compared with $8.3 million loss, or 1 cent per share, in the year-ago period.

Twitter said its average daily active users rose 20% year over year to nearly 200 million but provided lower revenue guidance for the second quarter.

Twitter settled $15.66 short of its 52-week high of $80.75, which the company reached Feb. 25. Back then, the microblogging company was hosting its first analyst day in years and, during the event, promised to double its annual sales to $7.5 billion by 2023 from the $3.7 billion it reported in 2020.

Adjusted for stock-based payments and other expenses, Twitter's earnings were 16 cents a share. Revenue climbed to $1.04 billion from $808 million in the year-ago quarter. Twitter's stock underperformed when compared to competitors, as Alphabet climbed 1.43% to $2,392.76 and Facebook rose 7.30% to $329.51.

Twitter still posted robust ad sales growth, an indication of the resiliency of the company's core business throughout the pandemic. Ad sales, it said, rose 32% year over year, hitting nearly $900 million.

Twitter anticipates a generally accepted accounting principles loss of $170 million to $120 million in the second quarter, on $980 million to $1.08 billion revenue. Wall Street had estimated adjusted earnings of 16 cents per share and a loss of 4 cents per share on $1.06 billion revenue.

Twitter was the last of the big ad-based tech companies to release first quarter results. Like its competitors, Twitter addressed Apple's iOS 14.5 update, which is seen to affect the digital ad market broadly.