Twitter has been overstating the size of its user base since 2014

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In light of this, Twitter retroactively decreased its number of monthly active users by one to two million for each of the last four quarters.

Daily active users were also up by 14 per cent, though, it does not disclose the total number.

Shares of the social platform have rocketed up almost 15 percent in early morning trading on Thursday, after the company hinted at imminent profits in its third quarter earnings report - despite announcing it had been miscalculating its MAUs by millions.

Despite the drop in users, Twitter stock jumped as much as 11% in premarket trading Thursday after the company beat expectations on revenue and gave higher-than-expected guidance for the fourth quarter.

The disparities between the reported and actual numbers, which range between 1 million and 2 million users depending on the quarter, were broken down in a chart that Twitter released to accompany the news.

Chief executive Jack Dorsey's turnaround plan appears to be paying off as it returns to growth and in it's even predicted that it will make a profit for the first time in its outlook for the fourth quarter.

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It added four million additional monthly users during the quarter and grew daily users by 14%, an improvement from zero new users added during the previous quarter.

Twitter discovered that since the fourth quarter of 2014, it had been including users of some third-party applications as monthly active users when they should not have been.

Another reason Wall Street is happy?

Twitter blamed Digits, a software development kit that was part of its now defunct app creation platform Fabric (which was sold to Google earlier this year) for the glitch.

Other telling statistics include a modest decline in revenue ($590 million) in comparison to the same point a year ago ($616 million), roughly a four percent drop.

Twitter has also been criticised for not taking enough efforts to stop abuse and harassment on the platform. "It's our job to help people stay informed about what's happening in the world and what people are talking about, and we're focused on making our service faster, easier to use, and more relevant to more people every day", he said in prepared remarks.

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