Twitter says advertising market shows signs of rebound after revenue slips 19pc

The global pandemic and US protests are forcing a pullback by advertisers on Twitter but it's also led to an unprecedented surge of users. — AFP  File

The global pandemic and US protests are forcing a pullback by advertisers on Twitter but it's also led to an unprecedented surge of users. — AFP File

The investor had been pushing for Jack Dorsey's removal as Twitter boss and, although ultimately the pair agreed to allow him to continue in the role, Twitter had to sign up to aggressive growth targets.

Shares of San Francisco-based Twitter bounced 4% higher in Thursday trading.

Twitter is not the only company to have been hit by an advertising downturn during the Covid-19 pandemic, and Google and Facebook are also expected to face the same headwinds. In a statement, Mr. Dorsey said Twitter had taken steps to improve its security and "resiliency against targeted social engineering attempts".

However, the platform's advertising income has suffered financially from both the effects of coronavirus pandemic and from recent advertising boycotts linked to the racial justice protests in the United States.

Revenue slumped 19 percent from a year ago to $683 million.

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Twitter reported a second-quarter loss of $1.2 billion, largely driven by the reversal of a tax benefit established previous year, when the company transferred intellectual property to Ireland. Dorsey stated that this could potentially be added alongside the usual, ad-supported free tier, commenting that he has "a really high bar for when we would ask consumers to pay for aspects of Twitter".

Twitter said ad revenue declined 15% over the last three weeks of June, but appeared to have rebounded since then.

On the eve of its earnings results, Twitter announced that dozens of accounts - including one elected official in The Netherlands - may have had their direct messages accessed by hackers as part of the security incident.

The bitcoin-scam hack affected high-profile users including Joe Biden, Elon Musk, Bill Gates, Barack Obama and others.

Twitter may be awful, but it's also one of my favorite ways to catch up with friends from around the world, follow along with the latest news, and argue with rude strangers about politics. We understand our responsibilities and are committed to earning the trust of all of our stakeholders with our every action, including how we address this security issue.

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"We are hearing this resonate and people are taking note of our difference. We will continue to be transparent in sharing our learnings and remediations". Twitters monetizable daily active users (mDau) came in at 186 million, beating estimates of around 172.8 million.

Twitter also said it was exploring "subscriptions and other approaches to complement our advertising business", such as commerce, though it was not expecting any revenue to result this year.

Twitter thinks a subscription business could be complementary to the company's core advertising business, and now has a small team exploring the options for subscriptions, according to Dorsey.

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