Famous bird platform, Twitter, saw its revenue climb year on year by about 7% as it beats expectation of the New York Stock Exchange, Wall Street, to $3.72bn for its fourth-quarter revenue.
This led Twitter to tag the feat an “extraordinary year’.
“2020 was an extraordinary year for Twitter. We are more proud than ever to serve the public conversation, especially in these unprecedented times,” said CEO Twitter, Jack Dorsey.
In addition to the last three quarters, the final quarter earning of 2020 was $1.29bn; making it a 28% year-to-year growth compared to its revenue in the last quarter of 2019 with $1billion.
The net income for the period was $222m making it earn $0.27.
The fourth-quarter result recorded $192 million monetisable daily active users than a year ago when it was $152 million.
However, in the year 2020, the site used an operating income of $27 million; this made cost and expenses jump by 19% to $3.69bn.
Twitter should be lauded for these milestones.
During the year, the platform was challenged by several situations, regulations, amongst others.
They included misinformation about the pandemic and also issues with politics and news.
It also included the suspension of US ex-president, Donald Trump, from Twitter.
In January, Donald Trump was permanently suspended from the platform.
Trump repeated baseless election conspiracies and incited the mob attack on the Capitol on 6 January.
Jack Dorsey’s stance on the decision
Dorsey mentioned that the platform could not be affected by anyone or any account.
“We’re a platform that is obviously much larger than anyone topic or anyone account.”
He also added that several other subjects drive growth to its platform asides news and politics.
“We have a global service. We are also not just dependent upon just news and politics being what drives Twitter,”
Also, he included that 80% of Twitter’s audience is outside the US.
Twitter to focus on growth
Twitter said that it expects to grow its revenue by 20% in 2021.
It also said that it would focus on engineering, product, design, and research.
Forecasting first quarter f 2021, Twitter said its revenue should be between $940m and $1.04 m.
Although, reports said that the bird app had been quietly snooping around innovation in recent months.
“In a bid to keep users engaged and brands spending, Twitter has been quietly focused on innovation in recent months: it recently acquired Squad, a virtual hang-out startup, and started testing its voice-based chat room feature Spaces.
These innovations offer new ways for users to interact at a time when new market entrants, like Clubhouse, could eat into Twitter’s user base. This focus on innovation will be crucial if Twitter is to continue commanding a significant share of global ad budgets,” said Yuval Ben-Itzhak, president at social media marketing firm Socialbakers.
Ben commended the platform’s ability to ensure safety on its platform; and fight against vices like misinformation and digital pollution.
“However, while the platform has been lauded for its focus on stamping out misinformation and ‘digital pollution’ in recent years, it has come under fire in recent days for promoting vaccine conspiracy tweets.
If Twitter wants to retain its crown as the leading platform for brand safety – and secure the ad dollars that come with that – it needs to right this wrong, and put strict measures in place to prevent it from happening again.”
Business4 weeks ago
Facebook Court: Oversight Board Makes Key Decisions In First Ruling
Features3 weeks ago
What CBN’s Ban On Cryptocurrency Means For The Struggling Nigerian Economy
News3 weeks ago
Jeff Bezos Steps Down As Amazon CEO In A Transitional Move To Become Executive Chair
Business4 weeks ago
How Elon Musk Is Influencing Stock Price Shifts With Tweets
e-Commerce4 weeks ago
Clubhouse Is Not Clubhouse: Learn More Here
How-tos2 weeks ago
EHINGBETI 2021: How To Register For The Lagos State Economic Summit
Sponsored4 weeks ago
itel Red Valentine: itel Set To Wow Customers For Valentine’s Day
Cyber Security4 weeks ago
iOS 14.4 Update: Google Disables Ad Tracking Apps