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Photo: Nikolas Kokovlis/NurPhoto via Getty Images

Twitter's stock was down nearly 10% in after-hours trading on Thursday, after the company issued weak second quarter guidance on revenue growth. The tech giant also reported user growth just shy of Wall Street expectations.

Yes, but: Twitter still reported strong ad sales growth, a sign of the resiliency of its core business throughout the pandemic.

Details: Despite missing the mark on user growth, Twitter beat Wall Street estimates on revenue and earnings per share for the first quarter.

  • Ad sales, it said, were up 32% year-over-year, reaching $899 million.
  • On average, the company says it now has 199 million average monetizable daily active users (mDAU), up 20% year-over-year and up 7 million from the previous quarter.
  • It attributes user increases to "ongoing product improvements and global conversation around current events."
  • Twitter it says next quarter it expects to bring in revenues between $980 million and $1.08 billion.

By the numbers:

  • Earnings: 16 cents per share, adjusted, vs. 14 cents forecast by Refinitiv
  • Revenue: $1.04 billion vs. $1.03 billion forecast by Refinitiv
  • Monetizable daily active users: 199 million vs. 200 million expected forecast by FactSet

The big picture: Twitter was the last of the major ad-based tech giants to report first quarter metrics. Like its rivals, it addressed the Apple’s iOS 14.5 update, which is expected to impact the digital ad landscape broadly.

  • The company said while "it is still too early to understand the full impact of Apple’s iOS 14.5 changes," Twitter has integrated Apple's developer ad network into its programming interface, which has allowed it to reach more iOS devices, potentially helping to mitigate the impact of Apple's changes.

What's next: The company said it expects revenues to grow faster than expenses this year, even with Apple's changes.

Flashback: Twitter beats on earnings for Q4, says expenses will balloon

Go deeper

Apr 28, 2021 - Economy & Business

Facebook stock spikes on strong Q1 revenue growth

(Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Facebook's stock was up more than 6% in after-hours trading Wednesday, after it reported strong Q1 revenue results, which it attributed to growth in its advertising business. It also exceeded Wall Street expectations on earnings per share.

Yes, but: The tech giant missed Wall Street expectations slightly on user growth, suggesting its consistent user growth throughout the pandemic has begun to slow slightly.

Ina Fried, author of Login
Updated Apr 28, 2021 - Technology

Apple blows past quarterly estimates

Illustration: Rebecca Zisser/Axios

Apple's latest quarterly results greatly exceeded Wall Street expectations, as sales of the iPhone, Mac and iPad all came in far ahead of expectations. The iPhone maker saw total sales outside the U.S. account for more than two-thirds of its nearly $90 billion in quarterly revenue.

Why it matters: Apple is seen as a bellwether for the broader tech industry and is also a huge driver of demand for chips, screens and other components.

Apr 28, 2021 - Technology

Spotify reports strong Q1 revenue growth

Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Spotify on Wednesday reported strong Q1 revenue growth, fueled by positive subscriber additions and strong ad sales, as well as lowered headwinds from foreign exchange rates.

The big picture: The Swedish tech giant noted that increased subscriber growth and user engagement can be attributed in part to the better-than-expected performance of "The Joe Rogan Experience," a podcast it acquired exclusively for over $100 million.