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By Dhirendra Tripathi
Investing.com – Twitter (NYSE:TWTR) stock jumped 5% in Friday’s premarket trading as it swung to profit in the second quarter, with revenue topping $1 billion.
The company also gave a bullish outlook, saying expect it expects total revenue to grow faster than expenses in 2021. It sees third-quarter total revenue between $1.22 billion and $1.3 billion.
The company said it is pushing into performance-based advertising and expanding offerings for small- and medium-sized businesses.
Through the year, the company worked to introduce features so that users spend more time on the platform. Some of those efforts include Spaces for live audio conversations and newsletters that are both free and chargeable.
Second-quarter net income was $66 million against a net loss of $1.38 billion in the same period a year ago. Adjusted diluted earnings per share was 8 cents compared to a loss of 35 cents in 2020.
Ad engagements rose and so did the number of users the company milks through advertisements. The first item grew 32%. The micro blogging site closed the quarter with 206 million monetizable daily active users compared to 199 million as on December 31, 2020.
Daily active users in the U.S. fell by 1 million which the company attributed to a lighter news cycle in the country.
Total revenue, including revenue from advertising and data licensing, increased 74% to $1.19 billion in the second quarter. Analysts expected the social media company to report revenue of $1.06 billion.