Twitter shares closed the formal trading day up more than 7 percent after word spread of a team codenamed “Gryphon” working on a subscription platform.
Shares in the social network were up nearly 7.4 percent at the close of the New York Stock Exchange, and rose more than a percent more in after-market trades.
The free one-to-many messaging service has become a seemingly indispensable online venue for the latest news or commentary, with US President Donald Trump among those who post frequently.
A subscription platform could be a way for Twitter to overcome challenges making money.
A Twitter job posting said the San Francisco-based company is looking for a senior software engineer to lead payment and subscription work as part of a new “Gryphon” team.
“This is a first for Twitter,” the job posting read.
“We are building a subscription platform, one that can be reused by other teams in the future.”
The Gryphon engineer is to collaborate with the team handling Twitter.com, according to the posting.
Twitter confirmed the job posting, but declined to comment further.
Twitter swung to an $8 million (roughly Rs. 59 crores) loss in the first quarter of this year as the global pandemic hit, even as revenues edged up three percent to $808 million (roughly Rs. 6,059 crores) and its user base increased 24 percent.