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Twitter is looking at ways to make money beyond ads, said COO Noto

Anthony Noto
Brendan McDermid | Reuters
Anthony Noto

Twitter is evaluating new ways to make money beyond advertising, COO Anthony Noto said on "Squawk Alley."

"We're monetizing the platform through advertising — there are alternative ways to monetize it and we're evaluating those," Noto told CNBC's Jim Cramer.

At a time when Twitter is arguably more relevant than ever, especially given President Donald Trump's use of its service, the big question is why the company is not charging a dime for a service like TweetDeck, said Cramer.

"I think TweetDeck represents one of the opportunities we really have to grow this business in a number of different ways," said Noto.

Twitter bought TweetDeck for a reported $40 million in 2011. The service is considered invaluable among many power Twitter users, but Twitter has made few changes to it over the years. The company has experimented with e-commerce, adding a 'buy now' button for U.S. retailers to sell products via tweets in September 2015, a feature it officially killed in January 2017.

Venture investor and large Twitter shareholder Chris Sacca suggested other ways the company could make money last June, saying it could pursue deeper partnerships with sports leagues, and make money from so called "logged out" users — which Twitter does not get credit for in its monthly active user numbers. The company is under pressure from Wall Street to after its most recent quarterly revenue report missed analyst expectations, sending shares plummeting.

Twitter has grown its audience over the past several quarters, but ad pricing has been down as much as 60 percent, something the company expects to change in the coming months, said Noto.

For more from Jim Cramer's interview with Twitter COO Anthony Noto, tune into "Mad Money" at 6 p.m. Eastern.