Twitter Inc (NYSE:TWTR) saw its stock rising since Tuesday’s close after the release of its third-quarter results.
The social network grew revenue by 37% to US$1.28bn, broadly in line with market expectations and told investors it expects to bring in US$1.5bn to US$1.6bn in the fourth quarter. Monetizable daily active users (mDAUs) were measured at 211mln for the period, versus market forecasts of 211.9mln.
It took a one-time hit of US$766mln relating to a settlement of litigation, as announced in September, related to allegations it mislead investors about user growth, and as a result, it reported a US$537mln loss for the quarter.
Twitter’s stock was boosted however as the impact of Apple’s privacy changes on the social media app was seen to be less than previously feared.
At the same time, it also swerved some of the impacts on ad revenue that we’re reported by social rival Snap Inc (NYSE:SNAP) earlier this month.
The problems seen at Snap – where ad spend was down among brands as they respond to clogged up supply chains – were less impactful for Twitter because its ad revenue comes more from services and digital goods, according to chief financial officer Ned Segal.
In New York, Twitter stock is seen 2% higher at US$61.43 ahead of Wednesday’s open.