Twitter earned considerably much less within the fourth quarter than it did a 12 months in the past, the results of a surge in bills. That actuality didn’t a lot dampen buyers’ temper on Thursday as they despatched the shares up 7% in pre-market buying and selling. (By comparability, the Nasdaq is about flat.)

The corporate had $182 million in fourth-quarter internet revenue, down from $222 million. It didn’t provide any specifics about what led to the surge in prices: Bills topped $1.4 billion, a 35% enhance. Wall Avenue had figured Twitter’s revenue would truly enhance—to $290 million.

Gross sales, although, matched Wall Avenue expectations: $1.7 billion, which is able to doubtless additional ease considerations that adjustments to Apple’s iOS software program will harm Twitter’s digital advertisements enterprise, nonetheless its core enterprise.

One issue taking the sting out of the sudden revenue decline for shareholders: Twitter says it has approved a $4 billion inventory buyback program, which follows $2 billion earmarked for a similar function in 2020. Share purchases are supposed to buoy investor confidence and sign to shareholders that the corporate believes its inventory is cheaply valued.

For the 12 months, Twitter stayed within the purple, shedding $220 million—down over $1 billion final 12 months—whereas bringing in $5.1 billion in gross sales.

Twitter is an organization in transition. In November, founder Jack Dorsey departed the CEO function, turning over the job to Parag Agrawal, the chief expertise officer. Agrawal faces the responsbility of comply with via on Dorsey’s bid to enormously enhance Twitter’s income and every day customers, rising the latter to over 300 million by the top of subsequent 12 months. To perform each, Twitter is experimenting with a number of new subscription-based providers, together with options like Areas (audio chat) and Tremendous Follows (a subscription paywall round content material).

“I imagine we are able to allow extra content material—extra content material round a long-range of subjects: politics, sports activities, leisure and music,” Agrawal stated on a name with analysts on Thursday morning. In step with a shift at Twitter over the past a number of years. Agrawal stated he was targeted on “how we go quicker—how we ship extra merchandise to our clients to them extra worth. I convey a powerful sense of urgency.”

For development, Twitter is making some progress. Within the fourth quarter, Twitter’s customers grew 13% to 217 million.