Twitter Inc. saw its bottom line skyrocket by 950% in the first quarter of the year to reverse losses incurred in the same period last year, it announced in a report.
- Net income grew to $68 million to represent a net margin of 7% and diluted earnings per share of $0.08. This compares with 2020’s net loss of $8 million with a net margin of -1% and diluted EPS of -$0.01.
- Revenue climbed 28% year-on-year to $1.04 billion, reflecting the strength in brand advertising in March and the boost in its mobile app promotion (MAP) revenue.
- Average monetizable daily active users (DAU) rose 20% to 199 million, which the company attributed to product improvements and global conversations on current events.
- Twitter will grow its headcount, including total costs and expenses, by at least 25% year-on-year.
- For the second quarter, total revenue is expected to be between $980 million and $1.08 billion and operating loss between $170 million and $120 million.
- Twitter has allocated capital expenditures of between $900 million and $950 million, and stock-based compensation expenses are expected at $600 million.
TWTR:NYSE is down 13.18% premarket.