(Last Updated On: May 10, 2020)
The social network Twitter released last Thursday the company’s quarterly financial report and, in general, celebrated the results obtained in the first months of 2020.
The user base grew 24% over the same period last year, with the company reaching 166 million daily active users. The addition of 14 million new profiles in just three months was seen as a direct consequence of the coronavirus pandemic, with more people at home and resorting to communication via social networks.
“In this difficult period, Twitter’s purpose proves more vital than ever. We are helping the world to stay informed and ensuring a unique way for people to come together to help or simply entertain and remind each other of our connections,” said the company’s CEO Jack Dorsey.
Spending and Earnings
In addition, Twitter recorded a 3% increase in ad sales within the platform, while data license and other earnings rose 17%. Altogether, the revenue generated in the period was the US $ 808 million, an amount well above the estimated. The company recently relaxed the rules for selling user data to business partners, which could guarantee improvements in this sector in the future.
On the other hand, operating costs and expenses also rose sharply, growing 18% and reaching the US $ 8.4 million. They also involve adapting services for the pandemic period. Because of “market uncertainties”, Twitter has not released financial forecasts for the next quarter.