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4q20’s revenue reached US $1.29 billion, and its net profit increased by 87% year on year From Twitter

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On February 10, 2021, twitter today released its fourth quarter and full year results for the fiscal year 2020 ending December 31. According to the report, Twitter’s revenue in the fourth quarter was $1.289 billion, up 28% from $1.007 billion in the same period of last year, with a year-on-year growth of 27% excluding the impact of exchange rate changes; its net profit was $222 million, up 87% from $119 million in the same period of last year.

Twitter’s fourth quarter results exceeded analysts’ expectations, and its revenue outlook for the first quarter of fiscal 2021 also exceeded expectations, pushing its share price up nearly 2% after hours, breaking its 52 week high.

Main results of the fourth quarter:

-Twitter’s revenue in the fourth quarter was $1.289 billion, up 28% from $1.007 billion in the same period last year, and 27% year-on-year, excluding the impact of exchange rate changes, which exceeded Wall Street analysts’ expectations. According to the data provided by Yahoo Finance Channel, 32 analysts had expected Twitter’s fourth quarter revenue to reach $1.19 billion on average;

-Twitter’s fourth quarter net profit was $222 million, up 87% from $119 million a year earlier. Twitter’s fourth quarter net profit margin was 17%, compared with 12% a year earlier. Twitter’s adjusted net profit was $313 million in the fourth quarter, up from $196 million in the same period of last year;

-Twitter’s diluted earnings per share in the fourth quarter were $0.27, compared with $0.15 a share a year earlier. Contrary to U.S. GAAP, Twitter’s adjusted diluted earnings per share in the fourth quarter were $0.38, up from $0.25 in the same period last year, exceeding analysts’ expectations. According to data provided by Yahoo Finance Channel, 25 analysts had expected Twitter’s fourth quarter earnings per share to reach $0.31 on average;

-Not in accordance with U.S. GAAP, Twitter’s fourth quarter adjusted EBITDA (net profit excluding interest, taxes, depreciation and amortization) was $509 million, compared with $371 million a year earlier.

Key results in fy2020:

-Twitter’s revenue in fiscal year 2020 was $3.76 billion, up 7% from $3.459 billion in fiscal year 2019, exceeding Wall Street analysts’ expectations. According to the data provided by Yahoo Finance Channel, 37 analysts had expected Twitter’s annual revenue to reach $3.61 billion on average;

-Twitter had a net loss of $1136 million in fy2020, compared with a net profit of $1466 million in fy2019. Not in accordance with US GAAP, Twitter’s adjusted net loss in fiscal year 2020 was $689 million, compared with its adjusted net profit in fiscal year 2019 of $1.860 billion;

-Twitter’s diluted loss per share was $1.44 in fy2020, compared with $1.87 in fy2019. Not in accordance with U.S. GAAP, Twitter’s diluted loss per share in fiscal year 2020 was $0.87, compared with $2.37 in fiscal year 2019, which was less than analysts expected. According to the data provided by Yahoo Finance Channel, 18 analysts had expected Twitter’s annual loss per share to reach $0.7 on average;

-Not in accordance with U.S. GAAP, Twitter’s adjusted EBITDA was $997 million in fy2020, compared with $1.210 billion in fy2019.

Key points of operation in the fourth quarter:

-Twitter’s average mdau in the fourth quarter was 192 million, compared with 152 million in the same period last year and 187 million in the previous quarter.

Financial analysis:

Revenue:

Twitter’s revenue in the fourth quarter was $1.289 billion, up 28% from $1.007 billion in the same period last year, and 27% year-on-year, excluding the impact of exchange rate changes. Among them:

-Twitter’s advertising revenue in the fourth quarter was US $1.155 billion, up 31% from US $885 million in the same period of last year, with a year-on-year growth of 30% excluding the impact of exchange rate changes;

-Twitter’s data authorization revenue and other revenue in the fourth quarter was $134 million, up 9% from $123 million in the same period last year. Excluding the impact of exchange rate changes, it also increased 9% year on year.

Costs and expenses:

Twitter’s costs and expenses totaled $1.04 billion in the fourth quarter, up 21% from a year earlier.

Operating profit and operating profit margin:

Twitter’s fourth quarter operating profit was $252 million, or 20%, compared with $153 million, or 15%, in the same period last year.

Equity incentive expenses:

Twitter spent $128 million on equity awards in the fourth quarter, up 27% from a year earlier and accounting for about 10% of total revenue.

Net profit / loss:

Twitter’s fourth quarter net profit was $222 million, up 87% from $119 million a year earlier. Twitter’s fourth quarter net profit margin was 17%, compared with 12% a year earlier.

Twitter’s fourth quarter adjusted net profit was $313 million, up from $196 million in the same period last year, not in accordance with U.S. GAAP.

Earnings / loss per share:

Twitter’s diluted earnings per share in the fourth quarter were $0.27, compared with $0.15 a share a year earlier.

Twitter’s fourth quarter adjusted diluted earnings per share were $0.38, up from $0.25 a year earlier, not in accordance with U.S. GAAP.

Adjusted EBITDA:

Not in accordance with U.S. GAAP, Twitter’s fourth quarter adjusted EBITDA (net profit excluding interest, taxes, depreciation and amortization) was $509 million, compared with $371 million a year earlier.

Cash flow and capital expenditure:

Twitter’s net cash from business operations was $330 million in the fourth quarter, compared with $277 million a year earlier.

Twitter’s fourth quarter capital expenditure was $292 million, compared with $150 million a year earlier.

Performance Outlook:

Twitter expects revenue to reach $940 million to $1.04 billion in the first quarter of fiscal 2021, exceeding Wall Street analysts’ expectations, and operating losses to reach $50 million to break even. According to data provided by Yahoo Finance Channel, 22 analysts on average expect Twitter’s revenue to reach $965.14 million in the first quarter.

Twitter also expects equity incentive spending to reach $525 million to $575 million and capital spending to reach $900 million to $950 million in fiscal 2021.

Changes in share price:

Twitter shares rose $1.67, or 2.87%, to $59.87 in regular trading on the New York Stock Exchange. In the subsequent after hours trading up to 4:25 p.m. EST on Tuesday (5:25 a.m. Beijing time on Wednesday), Twitter’s shares rose again by $1.13, or 1.89%, to $61.01, breaking the 52 week high. Over the past 52 weeks, Twitter’s top price has been $60.73 and its bottom price has been $20.00.

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