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American social media giant Twitter has surprised many by beating the quarterly revenue estimate to clinch on $1 billion. TWTR stock also rose by 14% as the market opened after the report.
Social media giant Twitter has broken the expectations among many by managing to pull in $1 billion in the quarterly revenue on Thursday. This report saw TWTR stock rise with a huge gap by the same day, not only that but also broke the downtrend which had dominated the market over the last year. This success is attributed to the company working hard to improve on the user-friendly nature of the platform.
The company recorded most of its revenue growth from the United States, where new users and old users showed consistency in the usage. This comes even when the country is approaching the presidential elections, despite the company being accused of manipulating mass people through misinformation. A lot of scrutinies will be emphasized to see the company remains neutral in all its tweets and users on the matter.
Measures Put in Place by Twitter
Due to a large number of users recorded by Twitter, it has put in place measures to control the mass on the nature of tweets posted. According to Twitter CEO Jack Dorsey, the company is working towards censoring content that might trigger social and economic discomfort directed to a certain race, people or gender. This will include manipulated photos and videos that once vetted can cause harm.
The company has also turned on a tool that enables people to report any misleading information especially as the United States approaches the election period. The company has also been very vocal about educating and informing people regarding their health, as the coronavirus outbreak continues ravaging humanity at an unprecedented rate.
Results and Projection of Twitter
With these kinds of tools in place, Twitter has seen the number of users rise and also the time at which each user spends searching for useful information. The metric quantity rose to around 152 million in the fourth quarter up from 126 million.
At the time of news reporting, the shares were trading at $37.30 having broken the previous resistance at $34 and the bulls showing their tenacity to continue the fight and push higher.
The quarterly revenue, as a result, grew by 11% percent to hit $1.01 billion and crashing the expected $996.7 million. According to the company’s financial report, it is projecting to clinch between $825 and $885 million in the first-quarter revenue.
With the United States recording the highest total revenue for the company compared to the international one, Twitter is expected to put in more on the local market. According to its statistics, the total U.S revenue was $591 million which is a 17% rise.