The popular social media platform Twitter is reporting a loss of $61.6 million in its first quarter.

The San Francisco company said it had a loss of 9 cents per share.

Earnings, adjusted for one-time gains and costs, were 11 cents per share.

However, these results beat Wall Street expectations. The average estimate was for earnings of 2 cents per share.  

In October of 2016, Twitter laid off 9 percent of its staff and shutdown its Vine app.