Twitter swings to 1Q loss despite revenue growth as costs up

SAN FRANCISCO: Twitter posted a loss in the first quarter as the social media company’s higher expenses outweighed revenue growth.

The San Francisco company reported Thursday that average daily users grew 24% year over year, the highest ever growth rate in the company’s history. Twitter has added 14 million daily users since the previous quarter. The company said growth was driven by seasonal strength, product improvements and interest in coronavirus.

Last year, Twitter started disclosing its daily user base, or the number of users who log in at least once a day and see ads on the platform. The daily metric has replaced its monthly user count, which Twitter said it will no longer disclose. Other companies, such as Facebook, give both daily and monthly counts.