Twitter’s DAU has never been growing so quickly
Twitter’s daily active users increased by 24% year-over-year. It’s the company’s highest-ever user growth, reports Adweek.
Every day Twitter welcomes around 166 million users. The company reported revenue of $808 million. The experts were surprised by the Q1 numbers, says Reuters. According to their estimates, Twitter was going to earn $32 million less.
“In this difficult time, Twitter’s purpose is proving more vital than ever. We are helping the world stay informed and providing a unique way for people to come together to help or simply entertain and remind one another of our connections. Our task now is to make sure we retain that connection over the long term with the many people new to Twitter,” says Twitter CEO Jack Dorsey.
Although Twitter became one of the main platforms for COVID-19 discussions, the latest Oxford research has shown that 59% of misinformation exposed by fact-checkers remains on Twitter without any warning label.
Twitter has also incurred a loss of $7 million due to the pandemic. However, it was partially offset by reducing hiring processes and travel expenses.
What’s with Facebook
Facebook’s revenue has also risen to 18% in Q1 compared to the same period in 2019, reports Adweek. However, in the first three weeks of April, this number remained flat due to the pandemic.
Facebook reported $17 billion of revenue in Q1. However, the company also noticed a significant drop in demand for advertising, which led to a decrease in prices.
“Our business has been impacted by the Covid-19 pandemic and, like all companies, we are facing a period of unprecedented uncertainty in our business outlook. We expect our business performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world, and the fluctuations of currencies relative to the U.S. dollar,” says Facebook.
Facebook refused to provide any revenue projections for Q2.
Daniel Salmon, BMO Capital Markets managing director, U.S. internet and media equity research, says that Facebook might experience a 17% drop in ad growth. Despite this, his general expectations are positive: the company will reach recovery rates in 2021.