Twitter (NYSE:TWTR) earnings for first quarter of 2020 had TWTR stock crashing on Thursday. This comes after the company reported adjusted earnings per share (EPS) of 11 cents on revenue of $807.6 million. Those are both better than Wall Street’s estimates of 10 cents per share and revenue of $775.96 million.
Additionally, the company reported GAAP losses per share of 1 cent for the quarter.
Let’s take a deeper dive into the most recent Twitter earnings report below.
- Adjusted per-share earnings are down 70.3% from the 37 cents reported at the same time last year.
- Revenue for the quarter comes in 3% higher compared to $786.9 million in the first quarter of 2019.
- Operating loss of $7.4 million is a negative switch year-over-year from operating income of $93.7 million.
- The Twitter earnings report also includes a net loss of $8.4 million
- That’s much worse than the company’s net income of $190.8 million in the same period of the year prior.
- It is also worth noting that Twitter’s average monetizable DAU (mDAU) grew 24% YOY.
Twitter said this in a letter to shareholders regarding its quarterly results:
“These are unprecedented times for Twitter and the world, and we are incredibly grateful for our team and their focus and resilience. Our work has never been more important. More people than ever are coming to Twitter to learn about COVID-19, to connect with their interests, and to find people with common experiences. We have responded quickly and decisively to the challenges presented by the current environment, updating our policies, increasing our use of machine learning and automation to take actions on potentially abusive and manipulative content, ensuring the continuity of our service, and partnering with advertisers to adapt their campaigns to the current situation. As our work continues we will remain focused on the health and safety of our people, our partners, and our communities.”
Twitter doesn’t include guidance in the Q1 earnings report. However, we know Wall Street is expecting adjusted EPS of 48 cents on revenue of $3.25 billion for the full year of 2020.
TWTR stock closed down 7.75% as of Thursday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
