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Twitter reports $1.14 billion net loss for 2020

Twitter reports $1.14 billion net loss for 2020
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.

READ MORE: Twitter users cry foul as platform mulls subscription service… but meltdown may be premature

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.

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