Coronavirus pushed Twitter to a record 24% growth in daily users last quarter, but the social media giant swung to a loss
Twitter reported first-quarter earnings on Thursday that showed a record 24% year-on-year increase in daily active users to 166 million in the first quarter, which it attributed partially to the coronavirus.
The social media grew revenue by 3%, but swung to a net loss of $8.4 million as the coronavirus pandemic hit home.Twitter shares surged more than 5% in pre-market trading on Thursday after the social media group revealed record growth in daily active users last quarter. Twitter's first-quarter revenues rose 3% as advertising sales inched upward and data licensing and other revenue jumped 17%. However, an 18% increase in costs and expenses fueled a net loss of $8.4 million — a sharp swing from the $191 million profit the company recorded in the first quarter of 2019.
Twitter also added 14 million users in the space of three months. It attributed the growth to seasonal strength, product improvements, and"global conversation related to the COVID-19 pandemic."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the Army's 24/7 lab working to develop a unique coronavirus vaccineABC News was invited inside the Army lab now open 24 hours a day, 7 days a week in pursuit of a coronavirus vaccine.
Read more »
24 Books That Are Perfect If You Need A Laugh Right NowYou're welcome.
Read more »
Cryptocurrency market value jumps $35 billion in 24 hours led by a surge in bitcoinIndustry participants attribute the rally to two factors — central bank monetary policy as well as an upcoming event known as bitcoin halving.
Read more »
Los Angeles to purchase 24 million N95 masksWATCH: Mayor Garcetti announces that the city of Los Angeles will purchase 24M N95 masks.
Read more »