The Strategist

Twitter reports fastest revenue growth since 2014

07/23/2021 - 03:22

Twitter's revenue grew 74% year-on-year in the quarter, the fastest growth since 2014. The company noted a significant increase in advertiser interest in the social network.

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Twitter posted financial results for the second quarter of 2021. The company reported its fastest revenue growth since 2014 and noted an increase in demand from advertisers, CNBC told, citing a letter from the social network to its shareholders. 

According to the company, Twitter's revenue grew 74% year-on-year in the quarter. The firm attributed this growth to a "significant increase in demand from advertisers". This is the strongest revenue growth since 2014. Twitter posted a profit of $65.6 million, with revenues of $1.19 billion versus $1.07 billion expected by analysts polled by Refinitiv.  Earnings per share were 20 cents versus 7 cents as expected by analysts polled by Refinitiv. The number of monetized daily active users (users who view ads) rose to 206 million versus 206.2 million as expected by analysts polled by StreetAccount.

Twitter said it expects revenue in the third quarter of $1.22 billion to $1.3 billion, the forecast surveyed by Refinitiv analysts was $1.17 billion. During the year, its headcount and total expenses will grow by at least 30% and revenue will grow faster than expenses. Shares in Twitter rose 9% in extended trading on Thursday after the company announced second-quarter earnings that were higher than analysts had expected. Shares in Twitter are up about 29% since the start of 2021, while the S&P 500 index is up 16% in the same period.


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