Twitter’s quarterly revenue surges past $1bn for the first time - Jack Dorsey reveals

Twitter’s quarterly revenue surges past $1bn for the first time - Jack Dorsey reveals

- Twitter's quarterly revenue has gone past $1 billion for the first time since the company was formed

- This was recorded in the last quarter of the year 2019 during which the app's use also increased by a fifth

- The company's shares also increased by 15% to above $38.40 as trading began in New York on Thursday, February 6, 2020

The quarterly revenue for the social media company, Twitter, has shot up past $1 billion for the first time in the company’s history, a report has indicated.

Legit.ng gathered that the increase of about 11 per cent was recorded in the final three months of the year 2019, as the app’s users increased by more than a fifth.

The results proved better than estimates provided by Wall Street and consequently led to an increase in shares.

Twitter’s shares also increased by 15% to above $38.40 as trading began in New York on Thursday, February 6, 2020.

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The company has forecasted that its revenue for the first quarter in 2020 would range between $825 and 885 million, but analysts have pegged it at $870 million.

In a report by Financial Times, Jack Dorsey, Twitter’s chief executive officer, noted that the business would continue to improve.

He added that he plans to spend about six months in Africa and expects that the business would grow beyond San Francisco where it is headquartered.

His decision, communicated via a tweet in November 2019, raised eyebrows amongst some observers, given he is already in the unusual position of running two San Francisco-based companies, Twitter and payments group, Square.

In other news, Kenya has started work on Africa’s first hybrid power plant which costs $145 million.

The information available shows that the project is the result of the combined efforts of the Kenya Investment Authority (KenInvest) the Meru County Government and global renewable energy developers, Windlab.

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Described as ‘the Meru County Energy Park,’ the project is expected to be a large scale facility that combines wind, solar PV and battery storage.

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When completed, the plant is expected to produce a total of 80MW of power to serve over 200,000 households. It is also expected to have 20 wind turbines and over 40,000 solar panels.

Meanwhile, Legit.ng had previously reported that Dorsey said that he could live between three and six months in Africa come 2020.

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Source: Legit.ng

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