Focus will once again be on the number of new users, when Twitter reports its first quarter earnings. Declining user growth and failure to make money from its users is making it hard for Twitter to justify its current valuation, says Saxo Bank’s Peter Garnry.

In addition to user growth, there will also be focus on how active users are on Twitter and the company’s ability to keep users engaged on the social media platform.

While a further decline on user growth could be a drag on Twitter’s share price, good news about live streaming app Periscope could boost the stock as video content is proving to be a driver of growth for other Internet platforms.

Twitter may surprise on its ability to monetise its user in the first quarter, but it is still lagging rivals like Facebook, and Garnry says more needs to be done.