Announced Twitter reported its earnings for the first quarter of 2021, and highlighted the extent of the growth during the ongoing pandemic.
Twitter had an average of 199 million daily active users in the first quarter of 2021, an increase of nearly 20 percent compared to 166 million a year earlier.
Twitter grew faster outside the United States over the past year, with the number of active daily users internationally increasing from 133 million in the first quarter of 2020 to 162 million in the fourth quarter, which is an increase of 22 percent.
And a company appears to thrive when there are a lot of polarizing events for people to argue about.
The increase in users was matched by a similar increase in revenues, with total first-quarter revenue reaching $ 1.04 billion, an increase of 28 percent year-on-year, and net income reaching $ 68 million.
The company warned that the faster growth in the number of users it saw in 2020 means that the number of users will likely not grow nearly the same speed in 2021.
In her message to shareholders, she said: The significant increase associated with the pandemic in 2020 may lead to low double-digit user growth rates year-on-year for the rest of 2021, with the lowest growth expected for the next quarter.
Twitter reported an increase in sales as ad product improvements pushed revenue beyond Wall Street targets, to join other large digital advertising companies, such as Facebook and Alphabet, which thrived during the coronavirus pandemic.
Twitter ads revenue grew 32 percent year-on-year to $ 899 million, with total ad engagement growing 11 percent over the same period.
Twitter stock fell more than 11 percent after the company released its first-quarter earnings, beating user growth forecasts and providing less revenue guidance for the second quarter than expected.
This quarter was mostly Twitter’s first period without the presence of former President Donald Trump after his account was suspended from service following the January 6 events at the U.S. Capitol.
In February, the company announced bold goals to expand its user base, accelerate the launch of new features for users, and double its revenue by 2023.
It has pledged to double its annual revenue to $ 7.5 billion in 2023 from $ 3.7 billion in 2020, and the company recently acquired its Revue newsletter and podcast company Breaker and is time for a host of new products.
The company, which last year launched fading tweets called Fleets that are similar to Snapchat’s ephemeral features, is testing its Spaces feature to compete with the clubhouse audio app.
It has also introduced new ways for creatives to make money across the site, from perks to super follows, where fans can pay for exclusive content.