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

Twitter said Thursday that it beat first-quarter revenue expectations and added more "monetizable" daily users than investors had anticipated.

Why it matters: It was the fourth major internet company to post strong earnings in the past week, suggesting that Big Tech will continue its dominance over the advertising ecosystem as a result of the coronavirus pandemic.

  • Twitter, like Facebook and other ad-based companies, says it's not providing guidance for its performance next quarter, given the uncertainty in the advertising market.

By the numbers, via CNBC:

  • Earnings per share (EPS): 11 cents vs. 10. cents expected by Refinitiv
  • Revenue: $808 million vs. $776 million expected by Refinitiv
  • Monetizable daily active users (mDAUs): 166 million

Yes, but: It also said its ad revenue was down 27% during the last two weeks in March as the pandemic took hold.

Between the lines: Twitter says the quarter represented its strongest year-over-year user growth ever at 24%, suggesting that its app is experiencing a surge in usage while people are at home.

What's next: Twitter CFO Ned Segal said in a note to shareholders that the company is shifting resources to "increase focus on our revenue products and reduce expense growth" so that it can whether the coronavirus fallout.

Go deeper

Dion Rabouin, author of Markets
Aug 7, 2020 - Economy & Business

A soaring Nasdaq is just one slice of the buy-anything market

Illustration: Aïda Amer/Axios

The Nasdaq closed above 11,000 for the first time on Thursday, ending the session higher for the seventh time in a row and eighth session in nine. It has gained nearly 10% since July 1.

Why it matters: It's not just tech stocks that have rallied recently. Just about every asset class has jumped in the third quarter, including many that typically have negative or inverse correlations to each other.

Aug 6, 2020 - Technology

T-Mobile says it's now No. 2 wireless carrier, ahead of AT&T

Illustration: Aïda Amer/Axios

T-Mobile Thursday said it has overtaken AT&T to become the number two wireless carrier in the U.S., ending the second quarter with 98.3 million total subscribers. Shares in T-Mobile surged 7% in after-hours trading.

The big picture: T-Mobile's merger with Sprint, which a federal judge allowed to go forward in February, gave the company a boost, and left the U.S. with only three major national wireless carriers. Verizon is in the lead.

GOP Rep. Andrew Clyde defends comparison of Jan. 6 riot to "tourists"

Rep. Andrew Clyde (R-Ga.) departs a press conference on June 14. Photo: Win McNamee/Getty Images

Rep. Andrew Clyde (R-Ga.) defended comments made during a House committee hearing in which he compared the deadly Jan. 6 Capitol riot to a "normal visit."

The big picture: In a heated back-and-forth during a Rules Committee meeting on Tuesday, Rep. Jamie Raskin (D-Md.), who sits on the select committee investigating the attack, pressed Clyde on whether he had watched the officers' testimony earlier in the day.

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