Twitter on Thursday posted higher-than-expected earnings for the second quarter due to increased advertising demand across all geographies and types of advertising products.
The San Francisco-based company earned $65.6 million, or 8 cents per share, in the April-June quarter. That’s up from a year ago loss of $1.38 billion, or $1.75 per share.
Revenue rose 74% to $1.19 billion from $683.4 million, surpassing Wall Street’s expectations. Advertising revenue almost doubled in the US alone.
According to a survey by FactSet, analysts were expecting an average of 7 cents per share and revenue of $1.07 billion.
Twitter said it expects revenue between $1.22 billion and $1.3 billion for the current quarter. Analysts are forecasting $1.17 billion.
In line with expectations, the number of daily users increased 11% from a year ago to 206 million.
Twitter said it is continuing to work on making conversations “healthier” on its platform.
It said that in between steps, its systems now consider the nature of the relationship between a tweet’s author and responder, including how often they interact.
In a letter to shareholders, the company said, “We have improved our ability to more accurately detect strong language, including abusive language, and have created easier ways for people to tell us if they have heard of it.” felt helpful or relevant.”
During the second quarter, Twitter introduced a number of new products, including a “Tip Jar” for collecting payments to users and “Super Follows”, which allow users to create additional, exclusive content that is not shown to their regular followers. Allows to charge.
Shares of Twitter jumped nearly 5 per cent in after-hours trading. The stock was up 7 cents to close at $69.57.