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Tuesday, March 19, 2024
March 19, 2024

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Twitter’s revenue jumps 61%

The Columbian
Published:

Twitter blew past Wall Street expectations, reporting second-quarter revenue of $502 million, up 61 percent compared with a year earlier and well above analyst estimates of $481 million.

For the second quarter, the San Francisco company posted a net loss of $137 million. Adjusted for one-time events, it had a profit of $49 million, or 7 cents a share.

Average monthly active users, a key growth metric, totaled 316 million, an increase of 15 percent year-over-year and up slightly from 308 million in the first quarter. Mobile monthly active users represented approximately 80 percent of the total.

“Our Q2 results show good progress in monetization, but we are not satisfied with our growth in audience,” interim Chief Executive Jack Dorsey said. “In order to realize Twitter’s full potential, we must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitter’s value faster and better communicate that value.”

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