With 330 million monthly users on the platform, Twitter is a powerhouse of technology and money. However, that didn’t stop some from worrying about a decrease in revenue as they instituted anti-political advertising rules last year.
Showcasing their continued growth, Twitter announced its first billion-dollar quarter in Q$ of 2019. Marking just over one billion at $1.01b on Thursday, they topped the estimate of $996.7m that was expected of them. Not only that, they topped out their forecasted revenue range.
After the news was released, shares rose by 8% on the New York Stock Exchange. Investors have been concerned about possible issues going forward as a bad third quarter was reported. Then news about the political ad changes broke free.
Back in October, the share prices plunged by 20% for Twitter after their revenue projections turned out to be wrong. Though they blamed the loss of projected income on mobile bugs, many worried it was a longer-term issue that would see Twitter’s slow fall.
While most metrics talk about monthly users, the real moneymakers are the everyday users who get ads regularly. Comprising of a group of 152 million strong in the fourth quarter, this growing group was up by 21% from the final quarter in 2018 and above the 2019 projection of 152 million.
Ned Segal, Twitter’s chief financial officer, said, “We reached a new milestone in the fourth quarter with quarterly revenue in excess of $1bn, reflecting steady progress on revenue product and solid performance across major geographies, with particular strength in US advertising,”
Overall, the company saw it’s US advertising growth grow by 20% from 2018 – up to $509 million -,, and it’s international advertising revenue grow 3% to 375 million.
Twitter’ is growth and goals haven’t been met without their issues. Mobile advertising on an international scale had problems last year when targeting had to be turned off due to incorrect permissions. They reported that there were issues with bugs – something they’ve since fixed.
Yet, that wasn’t all that caused a stir with Twitter. As mentioned, they stopped accepting politically based ads, not just in the US, but worldwide. During a time when Facebook was being pressured, Jack Dorsey announced he was taking the first step and banning all political ads. Period.
Jack Dorsey, the Twitter CEO, made it a goal last year to visit all of the Twitter offices. This year, he wants to spend as much as six months in Africa to meet the goal of creating a globalized workforce. He was quoted as saying,
“We have to build a company that is not as dependent on San Francisco. We need to figure out how to build a company that is [internationally] distributed, not burdened by time zones but advantaged by them. As we look forward, we’re reaching a talent pool that expects a lot more remote work and expects to work outside of California and outside of San Francisco, and we should be building a company around that.”
In 2019 alone, they added 900 new employees, making the total company size number about 4,800 worldwide. While last year’s 24% growth was good, this year they expect to do equal – planning to hit at least 20% again this year.
Neil Wilson, the chief market analyst at Markets.com, had this to say, “Twitter numbers look pretty darn good and a bounceback from a lackluster third quarter. It’s also encouraging that Twitter is executing on its strategy in a quarter when [Snapchat] struggled, and Facebook also found life tougher.” All in all, it looks like this instant post, moment-in-time social media is here to stay.
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