Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.