Social media giant Twitter has today posted record revenues for the last quarter of 2020 – after reporting a 28% increase to $1.29bn (£930m), when compared to the last quarter of 2019.
Much like its fellow social media platforms like Facebook and TikTok, 2020 was a controversial year, where their role in society, business, sports and politics has been hotly-debated with no end to the hostility in sight.
Despite, this Jack Dorsey, Twitter’s CEO and Founder, has defended his company and has been highlighting the positive steps the platform has made in recent months.
He said: “2020 was an extraordinary year for Twitter. We are more proud than ever to serve the public conversation, especially in these unprecedented times. We reported a 27% year-over-year increase in mDAU in Q4 2020, reaching an average of 192 million.
“Our product changes to date are promoting healthier conversations for those who use our service, including advertisers and partners, and we are excited about our plans to continue innovating in 2021.
Ned Segal, Twitter’s CFO continued: “We delivered record revenue of $1.29bn in Q4, up 28% year over year, reflecting better-than-expected performance across all major products and geographies.
“We made significant progress on our brand and direct response products in advance of the recent relaunch of our Mobile Application Promotion (MAP) offering. Advertisers are benefitting from new ad formats, stronger attribution, and improved targeting, resulting in a 31% year-over-year increase in total ad revenue and greater than 50% year-over-year growth in MAP revenue in Q4.”