Apr 30, 2020 - Economy & Business

Twitter posts strong first-quarter earnings

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.

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.