COVID-19 Fallout: Twitter Reports Surge In Users But Loss Of Revenue

Washington: Even though there has been a surge in new Twitter users, it has suffered a loss in the past quarter as the global pandemic hit advertising revenue, reported agencies.

In its quarterly update on Thursday, Twitter posted an $8 million loss while revenues edged up three percent to $808 million and its user base increased 24 per cent.

Chief Executive Jack Dorsey said the platform was working to be a useful resource for people during the global lockdowns.

“In this difficult time, Twitter’s purpose is proving more vital than ever,” he was quoted saying by AFP.

“We are helping the world stay informed, and providing a unique way for people to come together to help or simply entertain and remind one another of our connections.”

Twitter said ad revenue was essentially flat in the quarter, with the pandemic hitting economic conditions in March.