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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

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Oct 29, 2020 - Technology

Alphabet revenue up 14% after second-quarter slump

Illustration: Lazaro Gamio/Axios

Google parent company Alphabet beat Wall Street expectations in the third quarter of 2020, announcing total revenues of $46.2 billion with its shares rising more than 9% in after-hours trading.

Why it matters: The company rebounded with its revenue up 14% after a tough second quarter, when its saw its first-ever revenue decline attributable to a lowered advertising growth rate amid the COVID-19 pandemic.

Ina Fried, author of Login
Oct 30, 2020 - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.