Twitter Inc.'s stock rose sharply Monday following a report that the social media company is teaming with Bloomberg Media to carry around-the-clock streaming video news.
Twitter was up 91 cents, or 5.5 percent, at $17.39 a share in midday trading on Wall Street. Two years ago, the stock traded for $38 a share.
The company is joining Bloomberg, a global financial news outlet, to create an advertising-supported service that will stream news produced solely for Twitter 24 hours a day, the Wall Street Journal reported.
The channel, yet to be named, is expected to start operating this fall, the report said. Twitter and Bloomberg were expected to confirm the venture Monday night at an event Bloomberg is holding for advertisers.
Bloomberg Media Chief Executive Justin Smith retweeted the Journal story and added that "we'll have a lot more to say about this exciting new partnership" at the event.
Twitter previously had joined with Bloomberg for coverage of the presidential debates last year, and Twitter is looking for ways to grow its video services and garner more video advertising dollars.
The San Francisco-based company last week reported its first drop in quarterly revenue since it went public in 2013, but said video accounted for the largest portion of its ad revenue in the quarter that ended March 31.
Twitter also said its number of daily active users in the quarter jumped 14 percent from a year earlier and that monthly active users rose 6 percent.
