Twitter revenue grows 7% to $3.72 billion for fiscal 2020
The costs and expenses for 2020 totaled $3.69 billion, an increase of 19% year over year
“2020 was an extraordinary year for Twitter. We are more proud than ever to serve the public conversation, especially in these unprecedented times,” said Twitter CEO Jack Dorsey. “We reported a 27% year-over-year increase in mDAU in Q4 2020, reaching an average of 192 million. Our product changes to date are promoting healthier conversations for those who use our service, including advertisers and partners, and we are excited about our plans to continue innovating in 2021.”
“We delivered record revenue of $1.29 billion in Q4, up 28% year over year, reflecting better-than-expected performance across all major products and geographies,” said Ned Segal, Twitter’s CFO. “We made significant progress on our brand and direct response products in advance of the recent relaunch of our Mobile Application Promotion (MAP) offering. Advertisers are benefitting from new ad formats, stronger attribution, and improved targeting, resulting in a 31% year-over-year increase in total ad revenue and greater than 50% year-over-year growth in MAP revenue in Q4.”
Q4 revenue totaled $1.29 billion, an increase of 28% year over year or 27% on a constant currency basis. Advertising revenue totaled $1.15 billion, up 31% year over year or 30% on a constant currency basis. Total ad engagements increased 35% year over year.
Data licensing and other revenue totaled $134 million, an increase of 9% year over year.oUS revenue totaled $733 million, an increase of 24% year over year. International revenue totaled $556 million, an increase of 34% year over year or 32% on a constant currency basis.
Q4 costs and expenses totaled $1.04 billion, an increase of 21% year over year. This resulted in operating income of $252 million and a 20% operating margin, compared to operating income of $153 million and 15% operating margin in the same period of the previous year.
Stock-based compensation (SBC) expense grew 27% year over year to $128 million and was approximately 10% of total revenue.
Q4 net income was $222 million, representing a net margin of 17% and diluted EPS of $0.27. This compares to a net income of $119 million, a net margin of 12%, and diluted EPS of $0.15 in the same period of the previous year. Net cash provided by operating activities in the quarter was $330 million, compared to $277 million in the same period last year.
Capital expenditures totaled $292 million, compared to $150 million in the same period last year, driven by infrastructure investments in data center build-outs to support audience growth and product innovation.
The average mDAU was 192 million for Q4, compared to 152 million in the same period of the previous year and compared to 187 million in the previous quarter. The average US mDAU was 37 million for Q4, compared to 31 million in the same period of the previous year and compared to 36 million in the previous quarter. Average international mDAU was 155 million for Q4, compared to 121 million in the same period of the previous year and compared to 152 million in the previous
