The San Francisco-based company said Tuesday that its net loss was $536.8 million, or 67 cents per share, in the July-September quarter. That's down from a profit of $28.7 million, or 4 cents per share, in the same period a year earlier.
Twitter Posts 3Q Net Loss Due To Lawsuit Settlement
Twitter posted a net loss Tuesday due mostly to a lawsuit settlement, but its revenue rose sharply in the third quarter, boosted by solid ad sales around the globe.
The San Francisco-based company said Tuesday that its net loss was $536.8 million, or 67 cents per share, in the July-September quarter. That’s down from a profit of $28.7 million, or 4 cents per share, in the same period a year earlier.
The loss included a one-time net charge of $766 million from a shareholder lawsuit the company settled. Twitter said last month that it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform.
Revenue rose 37% to $1.28 billion from $936.2 million.
Analysts, on average, were expecting revenue of $1.29 billion, according to a poll by FactSet.
Twitter said it had 211 million daily active users, on average, in the third quarter, up 13% from a year earlier. Analysts were expecting 211.5 million.
BRAND CONNECTIONS
Shares of Twitter rose $1.29, or 2.1%, to $62.72 in after-hours trading.
Comments (1)
whatnews??? says:
October 28, 2021 at 7:57 am
Misled Investors..No Not Dorsey?? Before it’s all said in done we hope this loser Jack Dorsey is behind bars for a long time..He’s a debased drug addict!!!