Despite hike in usage, Twitter asks investors to ignore first-quarter forecast
The development is the first indicator that the Coronavirus pandemic has also affected social media platforms
Social media giant, Twitter has reportedly told investors to ignore the guidance on revenues it gave last quarter since it expects to suffer a financial blow due to the COVID-19 pandemic. As per reports, although the outbreak has led to a hike in usage on the platform, fears of a recession due to companies cutting back on spends has led to the social networking service retracting their forecast.
In a press statement, Twitter CEO Jack Dorsey said, “Twitter's purpose is to serve the public conversation, and in these trying times our work has never been more critical. We're seeing a meaningful increase in people using Twitter, and our teams are demonstrating incredible resilience adapting to this unprecedented environment. We'll continue to navigate this environment focusing on supporting our employees, customers, and partners while strengthening our service for everyone around the world and adjusting to a new operating and economic environment.”
The development is the first indicator that the Coronavirus pandemic has also affected social media platforms. Twitter had predicted between $820 million and $885 million in revenue and operating income of up to $30 million. According to reports, the company said it has seen 164 million daily users so far in this quarter, a 23% rise compared to the first quarter of 2019.
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