Twitter announced that they officially took a beating financially in 2020 after silencing and banning dozens of conservative influencers including censoring the President of the United States Donald J. Trump.
American social-networking company Twitter announced on Wednesday its financial results for the fiscal year 2020, saying it recorded a net loss of $1.136 billion against net income a year earlier.
According to the company, “2020 net loss was $1.14 billion, representing a net margin of -31 percent and diluted EPS [earnings per share – Ed.] of -$1.44. This compares to 2019 net income of $1.47 billion, representing a net margin of 42 percent and diluted EPS of $1.87.” Both periods were affected by non-cash, tax related adjustments, it said.
Costs and expenses totaled $3.69 billion, an increase of 19 percent year over year, while revenue amounted to $3.72 billion.
Twitter said that for the first quarter of 2021 it expects total revenue to be between $940 million and $1.04 billion. “As we enter 2021, our objectives are similar to previous years and our success will best be measured by our ability to grow our audience and deliver financial results in line with our guidance,” it said.
For more stories on economy & finance visit RT’s business section