Twitter shares fell 11% after the publication of the quarterly report

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Twitter shares fell 11% after the publication of the quarterly report

Twitter’s market value plummeted after the company published its financial report for the first quarter of 2021. The reason was insufficient audience growth and lower growth forecasts for the coming quarter. Writes about this CNBC.

Twitter
Twitter

At the end of the quarter, the company’s revenue amounted to $ 1.04 billion, which is 28% more than in the same period last year. In addition, the profit of the social network was $ 68 million instead of $ 8.4 million in losses in 2020. Advertising revenue also rose to $ 899 million, up 32% from last year.

The number of monetized social network users was 199 million, which did not meet analysts’ expectations. According to FactSet forecasts, there should have been a million more.

The company also published a forecast for the second quarter of 2021. The social network predicted revenue from $ 980 million to $ 1.08 billion, while Refinitiv analysts expected $ 1.06 billion. Twitter representatives noted that it is not yet clear how the change in iOS 14.5 policy will affect the platform.

 

Also Read:   Twitter is working on Tip Jar to monetize content on the platform
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