TELETRADER News
7/23/2020, 1:03 PM (Source: TeleTrader)
more TeleTrader news

Twitter-1.38%

45.18
Chart for: Twitter Inc

Twitter revenue falls 19% YoY to $683 million in Q2

Twitter Inc reported on Thursday that its revenue in the second quarter fell by 19% year on year to $683 million.

The social media company stated it had a net loss of 1.2 billion in the three months ended June 30 which compares to a net income of $1.1 billion in the same quarter last year. Twitter's loss per diluted share was $1.56 in the second quarter, dropping from earnings per share of $1.43 in the same quarter a year ago. Twitter also added its advertising revenue dropped 23% year on year and was at $562 million in the second quarter as civil unrest in the US influenced ads.

"Our product work is paying off, with tremendous growth in audience and engagement. We grew mDAU [average monetizable daily active users] to 186 million, a 34% year over year increase in Q2, the highest quarterly year-over-year growth rate we've delivered since we began reporting mDAU growth," Twitter's CEO Jack Dorsey said. Dorsey also addressed Twitter's bitcoin hack from a week ago, noting Twitter acted quickly and will continue to be transparent about the incident.

Twitter shares jumped over 5% in premarket trading after the earnings report.

Breaking the News / VP