Twitter (NYSE:TWTR) reported second-quarter earnings Thursday that missed analyst expectations on revenue and beat on active users.
Twitter said it saw “moderate recovery” to its ad business compared with March, but ad revenue was still down 23% year over year.
Loss per share came in at $1.39, adjusted, which was weighed down by a $1.1-billion loss related to a non-cash deferred tax asset, making it difficult to compare to analyst estimates.
Revenue registered at $683 million vs. $707 million expected in a survey of analysts.
Monetizable daily active users (mDAUs) proved to be 186 million vs. 172.8 million expected.
The report comes one week after Twitter suffered a serious hack compromising the accounts of major figures including former President Barack Obama and Tesla CEO Elon Musk.
Twitter grew mDAUs 34% year over year in the quarter, the highest rate since it began reporting the metric. It attributed the growth in large part to shelter-in-place orders around the world and more global discussion about the pandemic and other major events. Twitter has been experimenting with virtual events to spark conversation as large sporting events have been canceled.
This quarter, executives will likely face questions from analysts on Twitter’s earnings call about the security of the platform following a major hack last week. Hackers were able to access the Twitter accounts of major figures including former Vice President Joe Biden and Microsoft founder Bill Gates and post scam messages from their accounts soliciting cryptocurrency.
TWTR shares picked up $1.16, or 3.1%, to $38.10.
Tech Insider
