Social media giants Snapchat and Twitter announce revenue increase
By Sophie Ladd | 23rd July 2021
Microblogging site Twitter has reported its number of daily users has increased by 11 per cent from this time last year. It ow has 200 million active users who utilise its site daily.
Advertising sales accelerated 74 per cent year on year to $1.19bn, achieving a profit of $65.7m.
"As we enter the second half of 2021, we are shipping more, learning faster and hiring remarkable talent," Twitter chief executive Jack Dorsey told investors yesterday (July 22nd).
Snapchat beat analysts' forecasts, exceeding 293 million daily users in the second quarter. The company detailed that its revenues more than doubled to £713 million.
"Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years," Snap boss Evan Spiegel said in its financial update.
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