Twitter has just experienced its fastest growth in revenue since 2014, with the social media platform benefiting from increased interest from advertisers.
Revenue was up 74 per cent YoY, according to the company’s Q2 results, reaching $US1.19 billion ($1.6 billion) from $US683.4 million ($925 million) 12 months ago.
The strong results came in the same quarter Twitter finally introduced its subscription service Twitter Blue, which gives subscribers access to a range of new features such as a Bookmark Folders, Undo Tweet and Reader Mode.
And while Twitter Blue will help the platform better monetise its user base in the coming years, it was a renewed interest in advertising that was the main force behind these latest results.
Advertising revenue was up 87 per cent YoY, with total ad engagements up 32 per cent and the cost per engagement (CPE) growing 42 per cent.
“We delivered better-than-expected performance across all major products and geographies while growing our audience,” saidTwitter’s CFO Ned Segal.
“We continued to make significant progress on our direct response and brand products with updated ad formats, improved measurement, and better prediction. We are driving more value for advertisers with our strong push into performance-based advertising and expanded offerings for small and medium-sized businesses.”
Twitter also pointed to new advertising innovations as a contributing factor in the results. The new 15-second bidding unit for video ads are so far driving the highest video completion rates on the platform yet, according to the letter to shareholders.
Twitter also told shareholders that the expected impact of Apple’s changes to IDFA “was lower than expected”.
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