There’s beef over botsThis week, on Keeping up with Elon, our fave controversial billionaire is trying to get a discount on his Twitter purchase as he beefs with its CEO over bots on the platform. Never a dull day.
- Twitter stock dumped over 8% on Monday after spending most of last week in freefall, sinking more than 18% – shares are now trading down at around $37, their lowest levels since March 21 and down over 30% from the $54.20 Musk bought the platform for.
- Which could be why he’s now angling for a discount. After putting the deal on pause last week, Elon implied there may be a deal negotiation on the way after saying that it’s “not out of the question” that he will look to pay a lower price for the platform – that’s if it goes through at all…
- He’s in the middle of a spat with Parag Agrawal. The CEO (and Reuters) claim that less than 5% of accounts on Twitter are fake, but Elon thinks it’s more like 20% and says the deal “cannot go forward” unless the company can prove there are less than 5% bots – which investors reckon could just be a cover for his buyer’s remorse.
Elon tweets up stormElon sends Twitter into turmoil by announcing that his buyout of the platform is still hanging in the balance – and investors ain’t happy.
- Twitter tumbled nearly 10% on Friday in its biggest move since Musk’s deal went public, taking shares to a near six-week low of $40 – down over 25% from the platform's purchase price – after sending Twitter into chaos with a tweet.
- Elon’s $44bn buyout is “temporarily on hold”, he said on Friday, citing an investigation into the proportion of fake/bot accounts on the platform. It comes after a Reuters report that estimated less than 5% of users are fake, but Musk has his own team testing out that theory bc he thinks its way more than that.
- He says he’s “still committed” to the deal, but some investors are wondering if this is a stalling tactic and Musk may be thinking he could have bought the platform at a cheaper price. That being said, we doubt anyone understands the inner workings of Elon’s brain.
Raychel Sanner / Unsplash
Here’s the Twitter teaWith all this market mayhem going on, the world’s fave eccentric Techno-king and his Twitter antics have almost slipped under the radar – but not quite. Let’s see what he’s up to.
- Twitter shares are down at around $46 as of Thursday’s close, down over 13% from the $54.20 that Musk bought the social platform for (which was also its most recent high) and representing a $9bn gap in market cap.
- Analysts reckon investors are worried about regulatory setbacks. While the board has approved the purchase, it could still take months to go through, and the Information reported that the FTC is looking into the timing of Musk’s buy – specifically, that he took longer than the SEC requires to divulge his stake.
- Meanwhile, hiring freezes and exec shake ups abound with Musk wasting no time in making changes at Twitter. The company recently said it will be pausing all hiring and pulling back big time on non-labor costs, as two top execs leave the company.
Christian Lue / Unsplash
Funding with a side of cryptoElon is using his connections to bulk out his GoFundMe Twitter pot, and this one comes with a crypto twist.
- Elon Musk garnered over $7bn in fresh financing for his Twitter deal – all while rocking the red carpet with his mom at the Met Gala – with over 19 investors like Sequoia Capital piling into the fund, all of which reduces the personal risk he has to take to complete the deal. One investor in particular has a crypto-specific agenda…
- Binance has contributed $500m to help fund Elon’s Twitter deal – CEO Changpeng Zhao hopes the investment will support Binance’s goal to make crypto more mainstream. Zhao wants to see the social media giant adopt web3 and blockchain technology in earnest, and is making sure his voice is heard.
- How’s the takeover going so far? Rumors coming out of Twitter HQ suggest Elon’s gonna take Parag Agrawal's place as CEO for a while to oversee efforts to put his stamp on the platform. While it’s clear Musk will be taking Twitter private, further rumors are swirling of another IPO within just 3 years. It’s subtweets-galore out there atm.
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Twitter shares settle into the nestTwitter has been the talk of the town recently thanks to good old Elon, but now that it’s waiting to move to its new private home, shares are pretty relaxed about a revenue miss.
- Shares gained just under 1% on Thursday, a pretty muted reaction to the social media platform missing on the top line with revenue that was up 16% at $1.2bn, though it did manage to marginally beat on the bottom end with EPS of $0.04 – there’s some speculation that they were keen to close the Musk deal before the disappointing quarter.
- Let’s talk about user count. Its monetizable daily active users (dMUAs) beat forecasts at 229m, 30m of which signed up in the run-up to the Musk deal. But, it also divulged a major mishap – turns out Twitter has been miscounting its users for three years because of a technical error, marking the second time such an error has taken place. Oops.
- Twitter isn’t giving out guidance anymore as it waits for the Elon takeover, which may be a good thing for the brand considering advertising revenue – which is how social media companies make most of their cash – is on the downturn as European advertisers pull back their campaigns in the face of war. But, with Musk coming on board, who knows what huge changes await.
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Elon has a new $44bn toyElon Musk’s 11-day battle to buy one of the world’s fave social media platforms has finally culminated in a buyout, but is this just the start of the turbulence at Twitter HQ?
- Elon Musk is officially buying Twitter. Yep, it happened, and the memes are lit. The board took Musk’s first (and best) offer, selling the platform to the technoking for $44bn – or $54.20 per share – despite originally deploying a “poison pill” to avoid just such a turn of events.
- Why did the board warm to the idea? Well, Musk took a tender offer to shareholders, meaning they could sell to him directly at a premium price. Perhaps the board was worried shareholders may take the offer if they rejected it, or maybe the $46.5bn in financing that Elon received from Morgan Stanley showed them he meant business.
- So what happens now? There’s been no real clarity on exactly how the transition will happen, but Elon has made it v clear that “free speech” is #1 on his priority list, as is sorting out Twitter’s bot prob – though regulators have already got their eye on him. The stock seems to be waiting patiently for an update, with prices sitting just below the $54.30 mark until trading was halted on Monday afternoon.
Project XAnother day, another twist in Elon Musk’s Twitter bid, and this one may actually lead all the way to a buyout.
- Elon Musk has formed a new holding company called X Holdings to support his takeover bid for Twitter, and the parent company could eventually house all Elon’s babies – Twitter, SpaceX, and Tesla.
- The board seems to be warming up to the idea of a takeover, despite deploying a “poison pill” last week to avoid just that. Musk met with the Twitter board on Sunday to discuss the buyout after receiving $46.5bn in funding to support the potential deal, and by all accounts, the hours of negotiations mean a buyout is more likely now than ever.
- The House is keeping a close eye on the whole indaba, and the Republicans have made their support of the bid known. A group of 18 House Republicans have demanded Twitter keep all documents relating to the offer for possible inspection later on, calling the board’s resistance to selling “concerning” for free speech.
MKZ News/ Flickr
Musk takes his offer to shareholdersThere is little tenderness to this tender offer: Musk wants Twitter and he thinks shareholders are on his side to make it happen.
- No, he’s not listening to Elvis Presley, despite what his (hardly) cryptic tweets suggest. Since then, Musk has submitted a filing that confirms he is now exploring a tender offer despite the poison pill Twitter deployed to stifle any takeover attempt he (or anyone) makes.
- How does a tender offer work? It’s a conditional proposal to the shareholders, offering to buy back shares at a premium price. However, Musk will need more than 50% of shareholders to get on board if he wants a shot at taking the company private under his rule.
- According to the filing, he’s already got $46.5bn in his pocket through the debt and equity financing Morgan Stanley put into his Twitter fund. Since his initial bid was rejected, he’s been pretty vocal on the website he hopes to buy, tweeting polls asking for user input and promising improvements to the platform if he were to take over.
This week, on Keeping Up with Elon…In a series of twists and turns more complicated than JLo and Ben Affleck’s romance, Elon Musk’s buyout might have a new backer and Dorsey bad mouths the Twitter board.
- Prices popped 7.48% on Monday as founder Jack Dorsey added his two cents to Elon Musk’s $43bn buyout offer for Twitter, calling the company’s board “the dysfunction of the company” after it adopted a “poison pill” approach to Musk’s advances.
- Musk went after the board too, saying that if his offer is accepted he will take board members’ salaries down from almost $300k a year to exactly $0. And he wonders why they don’t want him to gain control…
- Apollo Global Management wants to get in on the action though, so there’s still a fairly strong chance Elon (or someone else) could execute his hostile takeover. The PE firm is considering backing for Elon or another bidder with equity or debt to support the buyout. Stay tuned peeps, cause the next episode is sure to be a juicy one.
Twitter picks its poison (pill)Once again, Elon Musk fails to read the room, his continuing attempts to acquire Twitter producing the threat of a ‘poison pill’ from the company’s board.
- Musk announced an offer to buy Twitter last week…on the platform itself. The multi-billionaire tweeted a SEC filing that offered $54.20 per share, marking a $43.4bn total offer. This followed a reveal on April 4 that Musk was Twitter’s largest shareholder after quietly grabbing a 9.2% stake in the platform.
- Twitter has responded with a ‘poison pill’ plan. The platform’s board proposed a limited duration shareholder rights plan that’d allow shareholders to purchase stocks at a discount. The decision is set to trigger in the event of ‘any shareholder’ (looking at you, Elon) attempting to purchase more than 15% of the company.
- Musk's response is pretty much what you’d expect it to be. He blasts Twitter on its own platform, tweeting that the “game is rigged” if he’s unable to complete his purchase. What can we say? Play stupid games, win stupid prizes.
@danilo.alvesd / Unsplash
Elon-gating the drama at Twitter HQElon Musk has made a bid to buy Facebook! Jk, that’s next week (probably). For now, he’s gonna settle for a 100% stake in Twitter. Yep, you read that correctly.
- Musk has made a one-time only offer to buy the whole of Twitter, saying in an updated SEC filing that he will pay $54.20 per share (around $43bn) to buy the whole business – naturally, he had to sneak a “420” into the offer. Glad to see some things never change.
- The bid represents a 54% premium on Twitter’s price before Elon invested in it, and an 18% premium on Wednesday’s closing price of $45. He says the site has the potential to be a global free speech platform but “will neither thrive nor serve this societal imperative in its current form” – so he wants to transform it as a private company.
- Prices opened up 9% on Thursday, before swiftly sinking back down. However, Musk is also getting sued by shareholders in a class-action suit for not unveiling that first buy earlier, saying that was a purposeful decision so he could buy more stock at an “artificially deflated price”.
Opening the door to a hostile takeover?Right, anyone else getting whiplash? Elon Musk U-turns on his decision to join Twitter’s board – it's big because of what it means for his (potential) control of the company.
- Elon took Twitter on the ride of its life last week. He startled everyone with a 9.2% stake in the company and said he’d join its board last week, but decided on Saturday not to go ahead with that plan after all. Share prices lifted 1.69%, so investors seem just fine with that decision.
- It means he can technically buy as much of the company as he wants. Had he joined the board, 14.9% is the largest stake he could have taken out, but now that he’s sacked off that plan he could technically buy out the whole joint in a potentially hostile takeover… but will he?
- He’d need to buy another 40.8% of Twitter to become a majority shareholder, which would cost him around $15.3bn – Musk is worth more than $270bn, so it’s hardly out of the question. Nobody is sure whether this is just a ploy to take focus away from his other ventures, or if he actually wants to take over. With Elon, nothing is impossible.
From EV lord to Twitter boardThe Prince of Twitter is taking his place in the firm’s boardroom, and everyone is wondering what he’s going to do with his new powers.
- Elon Musk has officially joined the board after becoming Twitter’s largest shareholder as a “passive investor” (we’ll see how long that title lasts) with a 9.2% stake, helping the stock extend Monday’s mega-gains by another 2% on Tuesday.
- His passive stake could very quickly become an active one, and that’s what people are closely watching. Twitter CEO Parag Agrawal and founder Jack Dorsey both warmly welcomed Musk to the board, with Dorsey saying the two will “make a great team” and Musk teasing “significant improvements” on the way. Doesn’t sound v passive imo.
- It’s not just Twitter topping the charts on the news. Musk’s board membership has gotten doggy coins’ tails wagging, sending Doge up by 16% for its best day all year, as investors hope he might use his new platform to advocate for the coin.
Elon’s moon shotA few days ago, Elon asked his Twitter fans if the platform adheres to free speech. Now, he’s Twitter’s largest shareholder. Hey, if you can’t beat ‘em, buy ‘em.
- Elon Musk spent around $3bn on a 9.2% stake in Twitter, meaning he now owns 4x more shares than co-founder Jack Dorsey. The purchase comes only a few days after Elon asked his Twitter followers how they rate Twitter’s algorithm and whether it should be more open source, even considering making his own social media platform.
- The filing says Elon will be more of a passive investor, which means he has no plans to try and control the company. But let’s be real, this is Musk we’re talking about – he’s hardly a passive dude, so it's likely he’s gonna have a pretty big say in the future of Twitter. The SEC is far from an Elon fan, so let’s see what it does with this news.
- Twitter prices catapulted 27% on Monday, marking the stocks biggest one day gain since its IPO debut in 2013 and taking prices to their highest levels since late November last year – maybe it’s all those fans thinking they’ll finally get an edit button, which Elon is already investigating. He does keep us on our toes, our Elon.
Russia’s Western media relations go southRussia’s relationship with Western tech and media gets worse, while Ukraine finds new ways to utilize social platforms.
🔍 Key points:
- Russia has begun to block/limit access to big tech platforms like Twitter, Facebook, TikTok, Google, and YouTube after Roskomnadzor (Russia's tech and communications regulator) said the platforms were discriminating against the country.
- Ukraine, on the other hand, has found a way to make use of the platforms. Ukrainian minister Mykhailo Fedorov has made Twitter a key part of the nation’s war efforts, saying: "Tech is the best solution against tanks".
- It’s not just big tech companies that have a strained relationship with Russia rn. International sanctions and customer backlash have made it difficult to continue operations over there, so an increasingly long list of companies have pulled products – including but not limited to Netflix, Samsung, Visa, Mastercard, PayPal and Microsoft.
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Earnings come to a Twitter endIt’s Twitter’s first earnings report under new CEO Parag Agrawal, and let’s just say there’s work to be done in the Twitterverse.
- Twitter popped 4% and then dropped to close down 2% on Thursday after its fourth quarter missed pretty much across the board with EPS of $0.33 on revenues of $1.57bn. It also missed on guidance expectations with forecasts for revenue of up to $1.27bn in the current quarter.
- User growth disappointed too. Twitter has 217m monetizable daily active users (mDAUs), but Agrawal (who is very metric-focused) said on the earnings call that they still plan on boasting 315m mDAUs by the end of next year – it also wants to double its revenue in that time.
- All eyes were on ad revenue, which grew 22% y-o-y to hit $1.41bn. It marked the third quarter in a row that its ad revenue growth has outpaced Meta’s (FB), and everyone has been keen to see which giant will survive Apple’s (AAPL) privacy changes.
Christian Lue / Unsplash
Twitter takes NFTs socialTwitter takes its crypto commitment up a notch with a new NFT profile picture feature.
- Twitter Blue users can now use NFTs as profile pics and connect their profiles to their crypto wallets – the NFT profile pics will show up as hexagonal instead of round.
- Not everyone thinks it’s a good idea. Twitter’s fave celeb CEO, Elon Musk, thinks Twitter is wasting resources on NFTs when it needs to focus on stopping all the crypto scams on the platform – Musk has been impersonated a bunch of times for crypto promotion.
- Still, it’s a big deal for the staying-power of NFTs. Both Facebook and Instagram will soon have NFT features, and Google has also joined the blockchain train.
Bidding adieu to its ads unitApple’s new privacy settings pressure Twitter into selling its mobile ad platform.
- Twitter finalized its $1.05bn sale of MoPub, the advertising network it acquired in 2013. It’s been carrying its weight since then, bringing in $188m in revenue in 2020, but Apple’s privacy changes have brought a stop to all that.
- Twitter is going to focus on building out its own advertising platform instead, as well as finding ways to diversify its services.
- Apple’s dramatic new privacy policies make it harder to track consumers and have cost social networking sites like Twitter, Snap (SNAP) and Facebook (FB) nearly $10bn so far. Ouch.
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Tapping into new DM talentTwitter is taking its DM game up a notch with a new acquisition after its leadership reshuffle last week.
- Twitter is buying Quill, a popular messaging app with Slack-like features, in an effort to make its DMs a more useful feature.
- It’s trying to diversify its service, and messaging apps are hot this year. It recently rolled out its first subscription service Twitter Blue, as well as a new “Super Follow” function.
- Parag Agrawal has hit the ground running. Since the new CEO took over last week, he’s already reorganized the leadership structure and reshuffled exec management.
Agrawal makes his markTwitter’s new CEO Parag Agrawal is reshuffling his leadership team, less than a week into the job.
- Agrawal has launched a major internal restructuring that saw two key execs step down from the social media giant on Friday.
- Prices have lost 11% since he was named as CEO. Investors aren’t sure he’s up to the job and were hoping for a new face to take over the company.
- Elon Musk also threw shade at the new head in a strange tweet that compared Agrawal to Joseph Stalin, and Dorsey as his offed henchman. Pretty dark.
Dorsey’s abrupt departureJack Dorsey bids adieu to Twitter, but investors aren’t convinced by his replacement.
- Prices jumped 10% in just a few minutes on Monday after Jack Dorsey casually resigned as Twitter’s CEO, leaving CTO Parag Agrawal in charge as the youngest CEO for an S&P 500 company.
- But it looks like people prefer the devil they know. The stock pared all its gains to end the day down 2.74% on concerns that the new CEO might not be up to the job.
- Shares are up 70% since Dorsey reclaimed his CEO title in October 2015, so Agrawal has some big shoes to fill.
Twitter pivots to cryptoTwitter dodges towards DeFi with the launch of a dedicated crypto team.
- "Twitter crypto” is launched to handle all things blockchain, from crypto payments to NFTs.
- It’s hired Tess Rinearson as lead engineer to kick the team off.
- It’s not a massive surprise considering big boss Jack Dorsey is famously bullish on Bitcoin and wants to use Twitter to decentralize social media.
Twitter tanks on earnings announcementTwitter saw its shares edge up in after-hours trading despite dramatically missing on earnings estimates, after impressing investors with its ability to weather Apple’s advertising storm.
Twitter reported its third quarter report on Tuesday, which missed earnings expectations by a mile but showed impressive advertising revenue numbers – investors had been worried after Snap (SNAP) last week warned just how much Apple’s recent privacy changes have taken a toll on advertising revenues across the board.
Twitter reported a loss per share of $0.54 cents compared to the $0.15 in earnings per share analysts had expected, having taken a hit from a $809.5 million legal settlement in September. Revenue came in about on par with expectations at $1.28 billion, up 37% from the year before. Twitter also saw its user count jump 13% to 211 million, and after a “modest” impact from Apple’s recent privacy changes, the company reported an increase of 41% in advertising revenue to $1.14 billion. The company said in the earnings release:
It is still too early for Twitter to assess the long-term impact of Apple’s privacy-related iOS changes, but the Q3 revenue impact was lower than expected, and we have incorporated an ongoing modest impact into our Q4 guidance.
Analyst Justin Post from Bank of America is behind the stock based on the advertising revenue the company is exposed to through its relationship with brands, writing:
We reiterate our buy rating as Twitter has over 80% revenue exposure to brand revenues, revenue growth showed early signs of the brand-spend recovery we anticipated, and we think the second-half brand-advertising strength is possible as events return.
Despite the optimism, Twitter fell 8% in Wednesday morning trading.
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Twitter is selling its mobile ad unitTwitter is selling the mobile ad platform it bought in 2013, MoPub, for $1.05 billion in an all-cash deal.
Twitter is selling its mobile ad network MoPub to AppLoving Corp for a whopping $1.05 billion as the social media platform aims to focus on its advertising on its app and website. Twitter first bought MoPub in 2013 for around $350 million, and the company has since earned its keep, bringing in around $188 million in annual revenue for the social media platform last year alone. The sale follows a series of changes to Apple’s operating system that make it harder for digital advertisers and social media platforms to track their customers. Twitter Chief Financial Officer Ned Segal said:
The sale of MoPub positions us to concentrate more of our efforts on the massive potential for ads on our website and in our apps.
Twitter CEO Jack Dorsey added:
This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation.
Twitter ended the day up 23.9%.
Twitter takes its crypto commitment to the next levelTwitter’s crypto plan moves forward, and now people can officially tip influencers in Bitcoin on the platform.
Twitter recently rolled out its Tip Jar function – now with a crypto twist. The social media giant hinted at a crypto feature at the start of the month, and now Twitter has officially rolled out its Bitcoin (BTCUSD) tipping function. That’s not all though, and Twitter is also exploring the possibility of letting users authenticate their non-fungible tokens (NFT), which have soared in popularity recently. All of this is part of Twitter’s plan to find more ways for creators to make money on the platform. Esther Crawford, a product executive building Twitter, said:
There’s this growing interest among creators to use apps that run on the blockchain. We want to help creators participate in the promise of an evolving decentralized internet directly on Twitter.
Another step forward for crypto in its attempts to go mainstream. Twitter lifted 3.8% on the news.
Aleksi Räisä/ Unsplash
Twitter gets on board with Bitcoin paymentsTwitter’s new Tip Jar function is taking on a crypto theme with a feature that lets you tip your favorite influencers and accounts with Bitcoin.
Jack Dorsey is a known advocate for crypto, and now he’s sharing that love with Twitter’s new Tip Jar function, which will reportedly soon let you leave a tip in Bitcoin (BTCUSD). App developer and researcher Alessandro Paluzzi shared the news on his Twitter and Kayvon Beykpour, Twitter's product lead, seemingly confirmed the exciting development.
Twitter CEO Jack Dorsey hinted in July that Bitcoin (BTCUSD) tipping on the cards as a way to integrate digital assets into the platform.
Twitter blows earnings out of the parkTwitter pops to its highest price since early March following the fastest revenue growth it’s seen since 2014.
Twitter released some pleasantly surprising second quarter results on Friday, and investors seemed pleased as prices popped to $73.34, its highest price since March 3, before closing up just over 3% at $71.69. The industry leader beat on both the top and bottom lines, reporting $0.20 in earnings per share on revenue of $1.19 billion, compared to expectations of earnings per share of $0.07 on $1.07 billion. Revenue saw an increase of 74% from the same quarter the year before, largely thanks to an increase in advertiser demand, marking its strongest revenue growth since 2014. Its monetiable daily active users increased to 206 million, up 11% from the year before but just below expectations of 206.2 million.
Twitter is riding the broader digital wave spurred by the pandemic. Consumers have increased their time spent on social media, gaming, online shopping, streaming TV, etc.
said Forrester analyst Jessica Liu.
The rest of the year is also looking up, and Twitter hiked its outlook for Q3 to anywhere between $1.22 billion and $1.3 billion, slightly exceeding expectations of $1.17 billion. The hype wore off on Monday though, and prices sank 4.18%.
Illustration by TradingView
Twitter takes on Only FansTwitter is on a tear in the social media competition world, this time making moves to take on Only Fans with some fun new additions to help creators monetize content.
After launching Twitter Spaces to rival the hugely popular app Clubhouse, the leading social media platform is making another move to keep its spot as top dog by making additions that let creators monetize their content in a similar way to OnlyFans - which has absolutely boomed during the pandemic.
Twitter has selected a small group of people that are allowed to apply to use the new additions to the app. The new features include the Super Follows function, which lets you charge a monthly subscription fee for tweets; and Ticketed Spaces, which allows creators to charge for access into exclusive social audio rooms. To make it clear what the point of the endeavor is, eligible users will see a “Monetization” option on the app sidebar.
The competition is heating up.
Alfonso Scarpa / Unsplash
Low guidance sends Twitter tumblingTwitter is having a terrible time after releasing earnings last week that, despite beating all estimates, push prices down by over 17% in the days following, as concerns grow over rising expenses and a possible slowdown in user growth.
Stock of the social media company plummeted after it released Q1 earnings that failed to impress – especially following the ambitious plan for growth that the company laid out following its Q4 earnings release a few months ago. In the firm’s first analyst meeting in four years, Jack Dorsey in a (very long) online investor presentation in February made the strong case that investors should keep the faith, promising plans to grow its average daily users from about 200 million to at least 315 million, as well as double its annual revenue from the 2020 level of $3.7 billion to $7.5 billion in 2023. Last week's earnings were the first since the big promise - so how did they do?
Twitter reported earnings per share of $0.16 on $1.04 billion in revenue, compared to estimates of $0.14 cents per share on $1.03 billion; and reported 199 million monetizable daily active users (mDAUs) which is just shy of the 200 million expected but up 20% from the same period last year.
Revenue was up 28% from $808 million last year, and profit was a whopping $68 million contrasted with a loss of $8.4 million the same period last year. Ad revenue increased by 32%, another strong showing.
Twitter also provided some future guidance for the year though, and this seems to be what has got investors worried. The company now expects Q2 revenue to come in between $980 million and $1.08 billion, and warned that costs and expenses relating to a growing staff base could grow by up to 25% this year, which would increase the company’s stock-based compensation costs, which are now expected to hit up to $600 million for the full year, up from its previous estimate of $575 million at the top end.
“Q1 was a solid start to 2021, with total revenue of $1.04 billion up 28% year-over-year, reflecting accelerating year-over-year growth in MAP revenue and brand advertising that improved throughout the quarter,” said Ned Segal, Twitter’s CFO. “Advertisers continue to benefit from updated ad formats, improved measurement, and new brand safety controls, contributing to 32% year-over-year growth in ad revenue in Q1.”
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