Twitter’s stock price is up about 9% in pre-market trading after the social media company released a Q1 earnings report that crushed Wall Street expectations.

It reduced its net loss by 22.8% vs the period last year to $61.6 million on revenues of $548.3 million, down 7.8%. But the top line was well ahead of the $511.91 that analysts anticipated.

Adjusted earnings of 11 cents a share soared past forecasts for a penny.

The company still has a long way to go. It warns that it expects ad sales growth to “continue to meaningfully lag that of audience growth in 2017, including in the second quarter.”

But Twitter CEO Jack Dorsey says the company showed “accelerating growth in daily active usage for the fourth consecutive quarter, up 14% year-over-year….While we continue to face revenue headwinds, we believe that executing on our plan and growing our audience should result in positive revenue growth over the long term.”

Ad sales in Q1 came in at $474 million, ahead of the $441 million that analyst anticipated.

Average monthly users in the U.S. at 70 million were up 7% vs the period last year and beat expectations for 68 million.

The company warned analysts not to become overly exuberant about Q2. It sees adjusted EBITDA of between $95 million and $115 million — below the consensus forecast for $141 million.