Twitter posted solid results for the last three months of 2020, capping what CEO Jack Dorsey called “an extraordinary year” for the platform
The San Francisco-based company earned $222.1 million, or 27 cents per share, in the October-December period. That’s up 87% from $118.8 million, or 15 cents per share, a year earlier.
Revenue grew 28% to $1.29 billion from $1 billion. Analysts, on average, were expecting earnings of 29 cents per share and revenue of $1.18 billion, according to a poll by FactSet.
Twitter said it expects 2021 revenue to grow faster than expenses — meaning it would turn a profit — but did not give more specific guidance. And that’s assuming the coronavirus pandemic continues to improve and the company sees a “modest” effect from new privacy changes associated with Apple’s iOS 14.
Twitter’s shares climbed $1.23, or 2%, to $61.10 in after-hours trading after the results came out. The stock had closed up $1.71, or 2.9%, at $59.87.