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Twitter reported a net loss of $1.14 billion in 2020

Tech Startups

By Nickie Louise

Social giant Twitter announced on Wednesday its financial results for the fiscal year 2020, saying it recorded a net loss of $1.136 billion against net income a year earlier.

According to the company, “2020 net loss was $1.14 billion, representing a net margin of -31 percent and diluted EPS [earnings per share – Ed.] of -$1.44. This compares to 2019 net income of $1.47 billion, representing a net margin of 42 percent and diluted EPS of $1.87.” Both periods were affected by non-cash, tax-related adjustments, the social giant said.

Costs and expenses totaled $3.69 billion, an increase of 19 percent year over year, while revenue amounted to $3.72 billion.

Twitter said that it expects total revenue to be between $940 million and $1.04 billion for the first quarter of 2021.

“As we enter 2021, our objectives are similar to previous years and our success will best be measured by our ability to grow our audience and deliver financial results in line with our guidance,”

Twitter has reportedly lost millions of users in recent months due to censorship. Thousands of users went to a Twitter competitor and free-speech rival Gab.

This article originally appeared in Tech Startups

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