Twitter Reports Strong Profit in Q3 but Loses 9 Million Monthly Users
The social media major Twitter posted stronger-than-expected profits and revenues in the third quarter. The social network delivered a $789 million profit, which included one-time gains, compared to a net loss of $21 million in the previous year, as revenues increased 29% to $758 million.
The record profit included one-time gains from tax and asset valuation adjustments, without which the company's profit would have stood at $163 million for the quarter.
However, on the other hand, the company’s average monthly active users witnessed its second straight quarterly drop to 326 million, from 335 million in the previous quarter. Out of these, around 67 million monthly active users is from the United States while 259 million users is from the rest of the world.
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