The microblogging platform had a 28% YoY growth in its revenue for the reported three months that ended 31 March 2021

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Twitter reported 28% YoY growth in its net revenue for Q1 2021 at $1.04bn. (Credit: Edar from Pixabay)

Twitter registered a net income of $68m for the first quarter of 2021, compared to a net loss of $8.3m made in the same quarter of the previous year.

Its diluted net income per share for the reported quarter was $0.08, compared to a net loss per share of $0.01 for the corresponding quarter of the previous year.

The microblogging platform reported a 28% growth in its revenue for Q1 2021 at $1.04bn compared to $807.6m made in the same quarter of the previous year.

Twitter said that its advertising revenue grew 32% year-over-year (YoY) in Q1 2021 to $899m. The total ad engagements for the reported quarter were up by 11% YoY.

On the other hand, there was a 19% YoY increase in the cost per engagement (CPE).

Twitter earned revenue of $137m during the first quarter of 2021 from data licensing and others, which marks a 9% increase YoY.

Twitter CFO Ned Segal said: “Q1 was a solid start to 2021, with total revenue of $1.04 billion up 28% year-over-year, reflecting accelerating year-over-year growth in MAP revenue and brand advertising that improved throughout the quarter.

“Advertisers continue to benefit from updated ad formats, improved measurement, and new brand safety controls, contributing to 32% year-over-year growth in ad revenue in Q1.”

A bulk of Twitter’s Q1 2021 revenue came from the US at $556m with a 19% growth YoY. Outside of the US, the revenue of the social media company was $480m, a year-over-year growth of 41%.

The company’s costs and expenses for the reported quarter stood at $984m, which is a 21% increase YoY.

According to Twitter, its average monetisable daily active users (mDAU) in Q1 2021 were 199 million, compared to 166 million in the same period of 2020. The previous quarter saw an average mDAU of 192 million.

For the upcoming quarter, the social media firm expects revenue to be between $980m and $1.08bn.

Twitter CEO Jack Dorsey said: “People turn to Twitter to see and talk about what’s happening, and we are helping them find their interests more quickly while making it easier to follow and participate in conversations.

“Average monetisable DAU (mDAU) reached 199 million, up 20% year over year and up 7 million sequentially, driven by ongoing product improvements and global conversation around current events.”

Earlier this year, Twitter acquired Revue, an editorial newsletter tool for writers and publishers, for an undisclosed price.