Twitter Posts Stronger-than-expected Q2 Results, Shares Jump

29

Twitter on Thursday posted stronger-than-expected earnings for the second quarter thanks to growing advertising demand across all geographic regions and types of ad 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 loss of $1.38 billion, or $1.75 per share, a year earlier.

Revenue jumped 74% to $1.19 billion from $683.4 million, surpassing Wall Street’s expectations. Ad revenue in the U.S. alone nearly doubled.

Analysts, on average, were expecting of 7 cents per share and revenue of $1.07 billion, according to a poll by FactSet.

Twitter said it expects revenue between $1.22 billion and $1.3 billion for the current quarter. Analysts are forecasting $1.17 billion.

The number of daily users increased 11% to 206 million from a year earlier, in line with expectations.

Twitter’s shares jumped $5.86, or 8.4%, to 75.43 in after-hours trading. The stock had closed up 7 cents at $69.57.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Read all the Latest News, Breaking News and Coronavirus News here

Source link

Hi, my name is Ankita Dixit. I started writing from young age and most of my writing skills and knowledge are self taught. Currently, I am working as a professional writer at Paisa.co. I have write on various topics including travel, motivation, finance, technology, credit cards, insurance and entrepreneurship etc.