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Twitter revenue rises by 74% as Nigeria loses N2.33tn over ban

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Twitter has released details of its second quarter financial results, and it shows the social media platform’s earnings within three months rose by 74 percent.

Between April to June, Twitter generated $1.19 billion in revenue, surpassing the $683.4 million the social networking site recorded during the corresponding period of Q2 2020.

It also projects that its turnover will rise significantly in Q3 this year, estimating between $1.22 billion to $1.3 billion for the period which ends in September.

According to the firm’s Q2 2021 financial statements, It recorded $65.6 million net income, against the $1.38 billion lost during the second quarter last year.

Read also: ECOWAS Court fixes July 9 for hearing on suits against Twitter ban in Nigeria

Twitter also reported that its monetisable daily active users – who are Twitter accounts that view advertisement on its platform – grew by 11 percent.

It was also gathered that Twitter’s total active users rose to 206 million daily users following addition of 7 million new users in the second quarter this year.

Twitter gains as Nigerians continue to lose revenue to ban

Nigeria banned Twitter’s operation in the last month of the quarter the social media platform recorded financial growth. Since the ban in June, the country has lost N48.59 billion daily.

Between June 5, when the announcement was made to ending of the month, Nigeria lost N1.21 trillion.

The ban has lasted for 48 days, during which the country has recorded N2.33 trillion loss, according to NetBlocks Cost of Shutdown Tool (COST).

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