Twitter shows strong gains in user base despite security concerns and the Covid-19 pandemic

WASHINGTON: Twitter showed strong gains in its user base with more people turning to the short-message social network during the pandemic and civil unrest, according to a quarterly update Thursday that offered positive signs despite a big drop in ad revenues.

The short-message social network reported a net loss of $1.2 billion in the quarter, most of that coming from setting aside funds for income taxes.

Revenue slumped 19 percent from a year ago to $683 million. Despite some modest rebound from the pandemic-induced economic slump, Twitter said that “many brands slowed or paused spend in reaction to US civil unrest” in May and June.

Twitter said ad revenue declined 15 percent over the last three weeks of June, but appeared to have rebounded since then.