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

Twitter's torrent of woes

Illustration: Aïda Amer/Axios

Twitter, a company well-acquainted with choppy waters, is having an especially rough moment. First, there was last week's brutal hack of high-profile accounts. Then, there was today's disappointing earnings report, along with the company's admission that it needs new sources of revenue, including subscriptions.

The big picture: Twitter has only grown in its importance to politics and culture in the U.S. even as the company's business fortunes have stagnated.

Snap shares go on post-close roller coaster after Q2 earnings report

Illustration: Axios Visuals

Snap's stock price is slowly rebounding after a sharp after-hours drop as the company met or beat Wall Street expectations for its second quarter but declined to offer Q3 guidance given ongoing coronavirus-driven uncertainty.

Why it matters: Snap is among the companies that has been able to capitalize on the pandemic which has forced people to stay home much of the time, leaving them with a lot more free time to consume media and entertainment.

Intel beats earnings, but outlook is gloomy

Illustration:Rebecca Zisser/Axios

Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips.

Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy.