Twitter beats revenue targets with ad improvements, shares jump 5%

Twitter on Thursday reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements to help brands reach potential customers.Since the start of the year, Twitter has raced to introduce products in new areas like audio-only chat rooms and newsletter publishing in an effort to turn around years of business stagnation and reach its goal of doubling annual revenue by 2023.

Those improvements, along with higher demand from advertisers seeking to reach consumers as countries reopen from pandemic restrictions, helped propel ad revenue, Twitter said. Total revenue, which also includes revenue the company earns from data licensing, rose 74 per cent year-over-year to US$1.19 billion, beating analyst estimates of US$1.07 billion.The San Francisco-based company now expects headcount and total costs and expenses to grow at least 30 per cent for the full year, up from its previous guidance of 25 per cent, as it invests in its engineering and product teams.

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