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Photo: Omar Marques/SOPA Images/LightRocket/Getty Images

Twitter said Thursday that it added 20 million new monetizeable daily active users in the second quarter, an increase of 34% year-over-year — but its ad revenue was down 23% over the same period, due to pandemic-related pullback.

Why it matters: Twitter, like other media companies, is facing coronavirus' double-edged sword. While users flock online because of shelter-in-place orders, advertisers are cutting back their spending.

  • The company did note that ad spend had started to recover slightly since the nationwide protests against systemic racism and police brutality kicked off.

By the numbers, per CNBC:

  • Loss per share: $1.39, adjusted, which is weighed down by a $1.1 billion loss related to a noncash deferred tax asset, making it difficult to compare to analyst estimates.
  • Revenue: $683 million vs. $707 million expected in a Refinitiv survey of analysts.
  • Monetizable daily active users (mDAUs): 186 million vs. 172.8 million expected by StreetAccount.

The big picture: The earnings come a week after the tech giant experienced a serious hack, compromising the accounts of dozens of high-profile users.

  • Members of Congress are calling on Twitter CEO Jack Dorsey to testify alongside his peers in a House antitrust hearing next week, but Twitter hasn't publicly responded to the request.

Go deeper

Oct 28, 2020 - Technology

For tech CEOs, Capitol Hill is now mandatory

Illustration: Sarah Grillo/Axios

Silicon Valley CEOs used to be a rare sight on Capitol Hill, but that's changing due to rising pre-election anger at Big Tech, along with a pandemic-spurred shift to video testimony.

Why it matters: The shift means Congress hears more from the CEOs of powerful companies that are shaping our world. But the hearings' partisan rancor tends to drowns out the policy debate.

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
2 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.