Nigerian Government Ban Fails to Stop Twitter Revenue From Growing

• The second quarter of 2021 turned out to be better for Twitter than Q2 last year as revenue rose by 74% between April to June
• In three months, the Jack Dorsey company generated $1.19 billion in revenue, rising above its turnover for the corresponding period
• The social networking site also estimated that its revenue will grow further during the third quarter that falls between July to September

PAY ATTENTION: Join a community of CEOs, founders, and decision-makers: subscribe for a free monthly business newsletter Digital Talks and succeed BIG!

Twitter's second quarter result is out, and the company came out of the three months period without any hurt. This comes amid clampdown in Nigeria and India.

The social networking site, founded by Jack Dorsey, recorded a 74% growth in Q2 2021 to rise to $1.19 billion when compared to the $683.4 million of corresponding period of Q2 2020.

Read also

Report: UBA, Zenith, Access, Others hit N600trn in digital transactions

More users joining Twitter amid government clampdown

During the period under review, about 7 million new users was recorded by the social networking site during the same period Nigerian government banned Twitter operations.

Twitter's usage in the country was restricted by the network providers on the directive of the telecommunications industry's regulator, Nigerian Communications Commission.

This has forced Nigerians to depend on Virtual Private Network to bypass the regulatory restriction in order to access Twitter in Nigeria.

In India, the government also clampdown on Twitter on some occasions over its resistance to government demands.

Twitter projects a brighter future

The increase in revenue surpassed the $1.06 billion estimated for Twitter by analysts. The social media has also projected that its third quarter turnover will fall between $1.22 billion to $1.3 billion.

Read also

UK economy stalls, dealing blow to new government

Dorsey's company also projected that its operating income for the period between July and September will hit $50 million, while a 30% increase is expected in full-year expenses.

Twitter to charge users for using its platform

Twitter has announced that it wants to start charging its users. The social media platform is trying to expand his revenue sources to increase its turnover.

The social networking site has been depending heavily on advertisements since it began operation, but that was affected by the COVID-19 pandemic.

Although the advert revenue recovered this year, Jack Dorsey's company is trying to charge users in return for more features that allows Twitter accounts to.edit tweets and make some other changes.

Source: Legit.ng