Twitter Q2 revenue jumps 74% to $1.19 billion
Advertising revenue totalled $1.05 billion, an increase of 87% year over year
Twitter Q2 revenue totalled $1.19 billion, an increase of 74% year over year. Q2 net income was $66 million compared to a net loss of $1.38 billion. Excluding the impact of the income tax expense due to the establishment of a valuation allowance driven primarily by COVID-19, Q2 2020 adjusted net loss was $277 million, representing an adjusted net margin of -40%.
Advertising revenue totalled $1.05 billion, an increase of 87% year over year, or 85% on a constant currency basis. Total ad engagements increased 32% year over year. Cost per engagement (CPE) increased 42% year over year.
Data licensing and other revenue totalled $137 million, an increase of 13% year over year. US revenue totalled $653 million, an increase of 79% year over year. International revenue totalled $537 million, an increase of 69% year over year, or 64% on a constant currency basis.
Net cash provided by operating activities in the quarter was $382 million, compared to $201 million in the same period last year. Capital expenditures totalled $276 million, compared to $162 million in the same period last year, driven by infrastructure investments in data center build-outs to support audience growth and product innovation.
Q2 costs and expenses totalled $1.16 billion, an increase of 21% year over year. This resulted in operating income of $30 million and 3% operating margin, compared to an operating loss of $274 million, or -40% operating margin for the same period in 2020. The year ago period includes a non-recurring expense of $150 million related to an ongoing FTC matter.
“As we enter the second half of 2021, we are shipping more, learning faster, and hiring remarkable talent," said Jack Dorsey, Twitter’s CEO. “For example, our increased shipping cadence contributed to reaching 206 million average monetizable DAU (mDAU) in Q2, up 11% year over year and 3% quarter over quarter. There’s a tremendous opportunity to get the whole world to use Twitter.”
“We delivered better-than-expected performance across all major products and geographies while growing our audience,” said Ned Segal, Twitter’s CFO. “We continued to make significant progress on our direct response and brand products with updated ad formats, improved measurement, and better prediction. We are driving more value for advertisers with our strong push into performance-based advertising and expanded offerings for small and medium-sized businesses.”
Average monetizable daily active users (mDAU) were 206 million for Q2, compared to 186 million in the same period of the previous year and compared to 199 million in the previous quarter. Average US mDAU were 37 million for Q2, compared to 36 million in the same period of the previous year and 38 million in the previous quarter. Average international mDAU were 169 million for Q2, compared to 150 million in the same period of the previous year and 162 million in the previous quarter.
For Q3’21, the company expects total revenue to be between $1.22 billion and $1.3 billion. GAAP operating income is expected to be between a loss of $50 million and break even.
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