Twitter have reported its fourth-quarter 2021 financial results, and advertising revenue has gone up.
The social media platform’s shares initially rose on the report, but fell by2% at the end of trading on Thursday, CNBC reported.
They reported total revenue was A$7.08 billion (US$5.08 billion) with an increase of 37% or 36% on a constant currency basis.
Advertising revenue increased A$1.96 billion (US$1.41 billion) going up 22% year-on-year or 24% on a constant currency basis.
This was driven by ongoing revenue product improvements, solid sales execution, and a broad, continued increase in advertiser demand.
Data licensing and other revenue totalled A$214 million (US$154 million), which is an increase of 15% year-on-year.
Total costs and expenses grew to A$1.95 billion (US$1.40billion), with a growth of 35% and resulting in an operating income of A$232 million (US$167 million).
The tech giant reported a net loss of A$308million (US$221 million). In 2020 they reported a net loss of A$1.59 billion (US $1.10 billion).
They also reported a net income of A$253 million (US$182 million), in contrast to 2020 Q4’s’s net income of A$309 million (US$222 million).
Twitter CEO Parag Agrawal said of the results: “Our strong 2021 performance positions us to improve execution and deliver on our 2023 goals. We are more focused and better organised to deliver improved personalisation and selection for our audience, partners, and advertisers.”
Ned Segal, Twitter’s CFO, said: “Twitter had a solid fourth quarter to finish 2021, with over US$5 billion in annual revenue, up 37% for the year.
“There are no changes to our goals of 315 million average mDAU in Q4 2023 and $7.5 billion or more revenue in 2023. Our increased focus on performance ads and the SMB opportunity after the sale of MoPub positions us even better for 2022 and beyond,” he added.
Agrawal took over as CEO of Twitter after founder Jack Dorsey left the company in November 2021. Dorsey founded the company in 2006.