Twitter posts 41% rise in advertising revenue but lawsuit hits profits
Twitter has reported a 41% rise in advertising revenue in the third quarter, but saw net losses sink to US$537 million after settling a lawsuit with shareholders. In Q2 2021 the company reported total revenue of US$1.19 billion (A$1.61 billion), up 74% year-on-year.
The loss – which followed a payout of US$809 million amid accusations it deceived investors about how often people used its platform – compared to a profit of US$23 million in the same quarter last year.
