Twitter Reports Record User Growth, Explores Subscriptions
- But revenue fell 19% on ad pullback amid Covid, civil unrest
- Company is exploring additional business lines to offset ads
This article is for subscribers only.
Twitter Inc. reported a second straight quarter of record user growth as people joined the service for news and entertainment during the global coronavirus outbreak, but its advertising business was hammered amid a global marketing retraction as businesses pulled back on spending.
Twitter reported 186 million daily users for the period ended June 30, a 34% jump over the quarter a year earlier, and its largest year-over-year increase since first reporting the metric in 2016. Users jumped 24% in the first quarter, a record at that time. Shares gained about 3% as the market opened.