Twitter’s ‘extraordinary year’ sees record revenues

Twitter's 'extraordinary year' sees record revenues
Twitter CEO Jack Dorsey. Source: GETTY IMAGES
2 Min Read

Daily US Times: Twitter has posted record revenues for the last quarter of 2020, capping off what its chief executive Jack Dorsey said was “an extraordinary year” for the platform.

The company said revenues grew 28% to $1.29bn (£930m) compared to the last quarter of 2019.

In January, the social media giant banned Donald Trump from the platform which analysts felt could have an impact this quarter.

Mr Dorsey said: “We’re a platform that is obviously much larger than any one topic or any one account.”

Twitter’s fourth-quarter results beat analysts’ expectations for revenue and earnings, but failed to meet them for user growth.

Twitter decided to permanently suspend the account of former President Donald Trump on 8 January, after the riots in Washington DC.

The removal of the avid Twitter user has prompted fears that it could affect the platform’s popularity for the current quarter.

In response, Twitter chief executive said users are able to follow more than 6,000 different topics, explaining that those topics drive growth.

He added that 80% of Twitter’s audience is outside the United States.

The Twitter boss said: “We have a global service. We are also not just dependent upon just news and politics being what drives Twitter.”

Twitter’s total “monetisable” daily active users grew by 5 million from the third quarter to 192 million and while this was up 26% compared to a year ago, it fell below analysts’ expectations of 193.5 million.

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