Twitter saw a record increase in users in the first quarter of 2020 amid the COVID-19 pandemic, but there seems to be some uncertainty about the rest of the year.
The social media giant reported having 166 million daily active users in the quarter, which is a 24 percent increase from the 135 million recorded in the same period last year.
“People are turning to Twitter to stay informed, to share solutions and to ask for help and support one another, and we see it in the numbers,” Twitter CEO Jack Dorsey said on a conference call with investors, as reported by CNET.
Twitter saw $808 million USD (about $1.12 billion CAD) in revenue during the quarter. It’s important to note that the majority of Twitter’s revenue comes from advertising, as it made up $682 million USD (about $951 million CAD) of the total.
The social media giant had started to feel the economic disruptions of the COVID-19 pandemic towards the end of the quarter, as there was a significant decrease in ad expenditures worldwide. Twitter’s ad revenue declined 27 percent year-over-year from March 11th to 31st.
Dorsey notes that the company plans to gain more users by making conversations more relevant and focusing on interests, topics and lists. He also touched on a feature that the company is currently testing called “fleets,” which refers to tweets that disappear in 24 hours.
Twitter is not the only tech company that will be taking a hit due to the pandemic, as Facebook and Google have both noted that their advertising revenue will likely be significantly impacted.