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Twitter exceeds revenue forecasts thanks to advertising, shares soar 7%

By Sheila Dang

Jul 22 (.) – Twitter Inc. on Thursday reported higher-than-expected revenue growth on Wall Street as the social media platform introduced improvements in ad targeting and said Apple’s privacy changes they had affected their advertising sales less than anticipated.

Shares of Twitter rose 7% to $ 75, in after-hours trading and after earnings.

The San Francisco-based company now expects headcount and total costs and expenses to grow by at least 30% for the full year, up from its previous forecast of 25%, as the company is investing in its engineering and product teams.

Twitter’s user base in the United States fell by 1 million in three months from the previous quarter, due to a less noticeable news cycle in the United States, Twitter said, with a total of users worldwide in line with the Wall Street targets.

Since the beginning of the year, Twitter has been rushing to introduce products in new areas, such as audio-only chat rooms and newsletter publishing, in an effort to turn around years of business stagnation and reach its goal of doubling revenue. annually by 2023.

Twitter reported 206 million monetizable daily active users (mDAU), the term for ad-served users, for the second quarter ended June 30, matching analyst targets of 205.9 million users, according to IBES data from Refinitiv.

Advertising revenue totaled $ 1.05 billion, up 87% from the previous quarter, and beat Wall Street estimates of $ 909.9 million.

Twitter has struggled to improve the effectiveness of its ads, which have traditionally lagged behind larger rivals like Facebook, which has vast amounts of user data.

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The improvements, along with increased demand from advertisers looking to reach consumers as countries reopen after pandemic restrictions, helped boost ad revenue, Twitter said.

“As we enter the second half of 2021, we are shipping more, learning faster and hiring notable talent,” Twitter CEO Jack Dorsey said in a statement Thursday.

Total revenue, which also includes data licenses, increased 74% year-over-year to $ 1.19 billion, beating analyst estimates of $ 1.07 billion.

Twitter forecasts total third-quarter revenue to be between $ 1.22 billion and $ 1.3 billion, roughly in line with analyst consensus estimates of $ 1.17 billion.

(Report by Sheila Dang in Dallas; Edited in Spanish by Javier López de Lérida)

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