Twitter dropped its earnings before the opening bell on Thursday, with the bellwether for digital advertising beating estimates amid the coronavirus pandemic. The Jack Dorsey-run social network pos…
dropped its earnings before the opening bell on Thursday, with the bellwether for digital advertising beating estimates amid the coronavirus pandemic.
The Jack Dorsey-run social network posted revenue of $808M in the first quarter of 2020, which was up 3% year-over-year and beat Wall Street analyst expectations of $776M. In its earnings announcement, Twitter said it had a “strong start” to the quarter, but added that the momentum was impacted by “widespread economic disruption related to COVID-19” in March.
The tech company recorded 166M average monetizable daily active users in Q1, which was an increase of 24% on the same period in 2019, and was its highest rate of growth since adopting the user measurement last year. Twitter said it saw “increased engagement due to the COVID-19 pandemic” and while its revenues took a battering in March because of the crisis, at the same time it saw a “significant acceleration” in usage.
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