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The above graph represents Twitter net income by quarter, starting from fiscal Q1 2011 to Q2 2020. Surprisingly, the microblogging platform reported a huge net loss of $1,228.01 million during the second quarter of 2020, compared to the net profit of $1,119.56 million a year-ago period.
In fact, Twitter Q2 2020 revenue also declined nearly 19% YoY, amounting to $683.44 million, globally.
Decline/Growth in Twitter Quarterly Net Income: History
|Source||Twitter Quarterly Reports|
|Note||Twitter fiscal year starts from January 1st|
One must note that Q4 2017 was the first-ever profitable quarter reported in the 12 years of Twitter’s history. The company generated $91.08 million in net profit during the quarter.
Interestingly, Q2 2018 was the first time when Twitter quarterly net income crossed the 100-million mark for the first time. The total net profit of Twitter increased from $61 million in Q1 2018 to $100.12 million in Q2 2018.
The most astonishing thing is the company’s net income in Q3 2018, which increased a whopping 688% to $789.18 million. However, a lot of that was attributed to a massive ‘one-time release of deferred tax asset valuation allowance,’ which accounted for $683 million. If you take that out, Twitter’s net income was $106 million on $758 million in revenue, which was better than expected.
When it comes to the net loss, it was Q4 2013 when Twitter suffered a huge $511.57 million worth of loss. On the contrary, the highest profit recorded by the firm till date came was $1.12 billion in Q2 2019.
Twitter’s quarterly net profit increased from $100.12 million in Q2 2018 to a record $1,119.5 million ($1.12 billion) in Q2 2019 – the highest-ever in its history. This massive increase in the quarterly net income was due to the company’s net benefit of $1.03 billion from income taxes during the June quarter.
About Twitter Inc: Additional Information
Twitter Inc. (NYSE: TWTR) is a global social networking platform, created on March 21, 2006, by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. The company is based in San Francisco, California, and has more than 35 offices around the world.
Twitter is a microblogging website/app where people around the world share their thoughts by posting a Tweet which includes text, images, videos, gifs. Initially, the Tweet limit was restricted to 140 characters, but on November 7, 2017, the company doubled its Tweet limit to 280 characters for all languages except Chinese, Japanese, and Korean.
In 2013, Twitter emerged as one of the ten most-visited websites on the Internet and has been described as “the SMS of the Internet”.
On November 6, 2013, Twitter priced its initial public offering (IPO) at $26 per share, which closed at $44.90 next day, giving the company a valuation of over $31 billion.
As of 2019, Twitter is ranked 41 of the top 500 websites on the web, Alexa web traffic analysis.
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