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Twitter shares tank amid ad uncertainty in US election time
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IANS | 30 Oct, 2020
Twitter shares sank after it posted strong third-quarter earnings but
fell short on user growth, as it faces ad uncertainty amid heightened
scrutiny around the US presidential election.
The stock fell as much as 16 per cent after hours after gaining 8 per cent during the regular trading on Thursday.
The
monetizable daily active users (mDAUs) were 187 million in the
September quarter, falling shy of analysts' expectations of 195 million
mDAUs. It still grew 29 per cent (year-over-year).
The Q3 revenue totaled $936 million, an increase of 14 per cent year over year while net income was $29 million.
Advertising
revenue totaled $808 million, up 15 per cent year over year and total
ad engagements increased 27 per cent year over year.
"We have
grown our daily audience by 42 million in the last year as people all
around the world come to Twitter to find out about the topics and events
they care about most," Twitter CEO Jack Dorsey said on Thursday, who
was grilled with Facebook CEO Mark Zuckerberg and Alphabet and Google
CEO Sundar Pichai by the US Senate panel over Section 230 on Wednesday.
"I'm
pleased mDAU grew 29 per cent year over year to 187 million, driven by
global conversation around current events and product improvements,"
Dorsey added.
"As we look ahead to Q4, there is a lot to navigate — much of it unique to 2020," the company said.
"As
we approach the US election, however, it is hard to predict how
advertiser behaviour could change. The period surrounding the US
election is somewhat uncertain, but we have no reason to believe that
September's revenue trends can't continue, or even improve, outside of
the election-related window," Twitter elaborated.
Advertisers
significantly increased their investment on Twitter in Q3, engaging its
larger audience around the return of events as well as increased and
previously delayed product launches, driving revenue to $936 million, up
14 per cent year over year.
"We remain confident that our larger
audience, coupled with ongoing revenue product improvements, new events
and product launches, and the positive advertiser response to the
choices we've made as we have grown the service, can drive great
outcomes over time," said Ned Segal, Twitter's CFO.
Average US mDAU was 36 million and average international mDAU was 152 million for Q3.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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