Twitter Withdraws Revenue Guidance Amid Coronavirus Advertising Downturn

Twitter Withdraws Revenue Guidance Amid Coronavirus Advertising Downturn
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Twitter has withdrawn revenue and operating guidances for the first quarter of 2020, citing impacts of COVID-19.

Additionally, the social media company is also withdrawing its outlook for expenses, stock-based compensation, headcount and capital expenditures for the full year.

“Twitter’s purpose is to serve the public conversation, and in these trying times our work has never been more critical. We’re seeing a meaningful increase in people using Twitter, and our teams are demonstrating incredible resilience adapting to this unprecedented environment,” said Twitter CEO Jack Dorsey [feature image].

“We’ll continue to navigate this environment focusing on supporting our employees, customers, and partners, while strengthening our service for everyone around the world and adjusting to a new operating and economic environment.

Despite millions of users flocking to the platform to discuss the global pandemic, the outbreak is still hurting the company’s bottomline, confirmed CFO Ned Segal.

“Twitter had a strong start to the year before the effects of COVID-19 began spreading more broadly, including a successful Super Bowl and overall strength in the U.S. The COVID-19 impact began in Asia, and as it unfolded into a global pandemic, it has impacted Twitter’s advertising revenue globally more significantly in the last few weeks,” said Segal.

“We have made solid progress on our consumer and revenue product priorities and we remain confident in our opportunity and strategy.”

For Dorsey, the outbreak also has personal consequences.

The CEO – known for his eccentric ways – announced last year he was planning a move to Africa for part of 2020.

However, Dorsey has since confirmed he is reconsidering the move.

“I had been working on my plans where I’d work decentralized, as my team and I do when we travel, but in light of COVID-19 and everything else going on I need to reevaluate. Either way we’ll continue to pursue opportunities in Africa,” Dorsey said in a statement.

“Africa will be one of the most populated continents in the next 20-30 yrs, the tech innovation is incredible w/ a large portion of the population still coming onto the internet. Huge opportunity especially for young people to join Twitter + for us to learn to best serve them.”

 

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