World News – GB – Twitter warns US election could affect ad sales, stocks drop 16%

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Twitter Inc on Thursday added fewer users than Wall Street expected and said a spike in spending would accelerate in the fourth quarter, sending its shares to drop 16% San Francisco-based social media networker said it expects spending to increase nearly 20% in the fourth quarter from a year ago due to increased investment

The company also warned that it was difficult to predict how advertisers would react as the US presidential election approached in November 3 Twitter shares fell to $ 4400 in aftermarket trade

Twitter said many companies suspended advertising spending in the second quarter due to widespread protests after George Floyd’s death in May and said there could be a similar dynamic with the US election Twitter said it had 187 million Monetizable Daily Active Users (mDAUs) in the third quarter, missing consensus analysts’ expectations of 1952 million users, according to IBES data from Refinitiv The figure stood at 186 million in the previous quarter

Growth was aided by updating ad formats, improving ad measurement and returning events that had been halted due to the pandemic, said Twitter CFO Ned Segal during a call for results with analysts

The company said outside of the election period, it expects revenue trends to continue or even improve in the current quarter Third-quarter ad revenue increased 15% to $ 808 million from same period a year ago, beating estimates of $ 64595 million

Costs and expenses rose 13% from same period last year to $ 880 million as the company said it spent more on infrastructure expenses

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Twitter, Jack Dorsey, Stocks, Income

World News – UK – Twitter warns US election could affect ad sales, stocks drop 16%



SOURCE: https://www.w24news.com/news/world-news-gb-twitter-warns-us-election-could-affect-ad-sales-stocks-drop-16/?remotepost=486974

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