Twitter posts fastest revenue growth since 2014 in pandemic rebound
- Twitter's revenue growth accelerated and surpassed analysts' expectations.
- The social media company introduced its first subscription service in the quarter.
Twitter shares rose as much as 9% in extended trading on Thursday after the social media company announced second-quarter earnings that came in stronger than analysts had anticipated.
Here's what Twitter reported versus Wall Street's estimates:
- Earnings: 20 cents per share, adjusted, vs. 7 cents as expected by analysts polled by Refinitiv.
- Revenue: $1.19 billion vs. $1.07 billion as expected by analysts polled by Refinitiv.
- Monetizable daily active users (mDAUs): 206 million vs. 206.2 million as expected by analysts polled by StreetAccount.
Twitter's revenue grew 74% year over year in the quarter, according to a shareholder letter, with the company citing "a broad increase in advertiser demand." In the prior quarter, revenue had risen 28%. Growth accelerated as the company lapped a quarter when revenue declined by almost 19%, resulting in the strongest growth since 2014.
After a $1.38 billion loss in the year-ago quarter, on Thursday Twitter showed a $65.6 million profit.
The number …
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