The growth of Twitter appears unstoppable as the micro-blogging platform, defying the recent Apple iPhone privacy changes that have hit companies like Facebook, announced third quarter (Q3) revenue of $1.28 billion, an increase of 37 per cent from a year ago.
The monetisable daily active usage (mDAU) grew by 5 million from the previous quarter to reach 211 million on the platform in the third quarter.
Average international mDAU was 174 million for Q3, compared to 152 million in the same period of the previous year and 169 million in the previous quarter.
“We’re improving personalisation, facilitating conversation, delivering relevant news, and finding new ways to help people get paid on Twitter,” said Twitter CEO Jack Dorsey.
“Average monetizable DAU (mDAU) reached 211 million, up 13 per cent year over year in Q3, accelerating from 11 per cent year over year growth in Q2, driven by ongoing product improvements and global conversation around current events,” he said in a statement late on Tuesday.
Net cash in the quarter was $389 million, compared to $215 million in the same period last year.
“Our focus is paying off, and we are pleased with our performance in the third quarter, with revenue up 37 per cent year-over-year, reflecting strength across all major products and geographies,” said Ned Segal, Twitter CFO.
The company said that it expects total revenue to grow faster than expenses in 2021.
“Despite some expected 2022 revenue loss, there are no changes to our goal of generating $7.5 billion or more of annual revenue in 2023,” it said.
In an earnings call with analysts after announcing the results, Dorsey said that the company continues to upgrade its machine learning systems as well, which are improving personalisation throughout the product.
“We’re just getting started, but already Twitter feels more responsive and intuitive, lots more to come here. As we approach the end of the year, we feel confident about where we’re headed. Overall, we’re on course to leave 2021, a more focused company with clear priorities,” he noted.