Twitter has reported a rise in revenue in the last quarter although its slow growth in users disappointed investors.

The social media site said revenues rose 58% to $569 million, of which $513m was from advertising, up by the same percentage. Monthly active users were up 11% on last year to 320 million.

However, active users grew just 1.2%, on the previous quarter, suggesting a sharp slowdown in people subscribing,

Chief executive Jack Dorsey said: “We’ve simplified our roadmap and organisation around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth.”