Twitter shares rose more than 7% on Wednesday after the company reported a record $ 1 in fourth quarter 2020 revenue of 29 billion euros, despite the company moving up in recent months located at the center of the political turmoil

Revenue was up 28% year over year, beating Wall Street expectations.In addition, the social media giant reported that its monetizable daily active usage base increased 27% in the most recent quarter to a total of 192 million

“2020 has been an exceptional year for Twitter,” said Jack Dorsey, CEO of Twitter, in a statement on Tuesday, “We are more proud than ever to serve the public conversation, especially in these unprecedented times”

Dorsey also said the recent product changes “encourage healthier conversations,” adding that the company “is excited about our plans for more innovation in 2021”

Still, the company reported a net loss of $ 114 billion in 2020 amid the economic downturn caused by the pandemic

Looking ahead, however, the company expects to increase its workforce by more than 20% in 2021

In the final months of 2020, Twitter got on a political tripwire after the U when it navigated its website – including by former President Donald Trump himself – about fighting misinformation in elections Presidential election

A political firestorm broke out in January when Twitter and other social media companies decided to permanently ban Trump from their platforms

Without naming a name, Dorsey alluded to the decision during a call for earnings on Tuesday, saying the platform was “much bigger than a topic or account””

Twitter Stock

World News – CA – Twitter stock rises after the company reported $ 1.29 billion in revenue last quarter

Source: https://abcnews.go.com/Business/twitter-stock-climbs-company-reports-129-billion-revenue/story?id=75802523