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Twitter Q3 misses big on revenues of $824M and EPS of $0.05 on the back of adtech glitches

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twitter q3 misses big on revenues of 824m and eps of 0 05 on the back of adtech glitches
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Twitter today reported its earnings for the quarter that ended September 30, and the numbers delivered a big surprise, falling on both sales and earnings per share. Revenues came in at $824 million, and EPS at $0.05. That represents sales up 9% year-over-year but far below what analysts had been expecting: (non-GAAP, diluted) EPS of 20 cents per share and revenues of $874.03 million (or higher, $883 million, depending on which group of analysts you’re following). The stock is down around 20% in pre-market trading.

Twitter said the huge drop in performance “was impacted by revenue product issues, which we believe reduced year-over-year growth by approximately 3 or more percentage points, and greater-than-expected seasonality.” Specifically, it also noted that it discovered and took steps to fix bugs “that primarily affected our legacy Mobile Application Promotion (MAP) product, impacting our ability to target ads and share data with measurement and ad partners.” Also its adtech personalization was also not “operating as expected.” It also blamed the bad numbers on a slower summer for big events and launches compared to a year ago. 

Meanwhile, monetizable daily active users came in at 145 million, versus 124 million a year ago and 139 million in Q2. That actually exceeds the 14% growth analysts had been expecting (it’s up 17% year-on-year). Net income came in at $37 million.

“We drove strong growth in monetizable DAU (mDAU), up 17% year-over-year, driven by ongoing product improvements,” said Jack Dorsey in a statement. “We’re continuing to improve relevance while testing ways to make it easier for people to find what they are looking for on Twitter.  We also continue to make progress on health, improving our ability to proactively identify and remove abusive content, with more than 50% of the Tweets removed for abusive content in Q3 taken down without a bystander or first person report.”

Ned Segal, CFO, spoke more directly to the disappointing numbers:

“Despite its challenges, this quarter validates our strategy of investing to drive long-term growth. More work remains to deliver improved revenue products. We’ll continue to prioritize our ad products along with health and our investments to drive ongoing growth in mDAU. We remain confident that focusing on our most important priorities, and delivering higher performing, better ad formats will deliver better outcomes for all of our stakeholders for years to come.”

The company has made a significant shift in the last year to tracking a new user metric of its own making, monetizable daily active users, which tracks those who are being served ads.

Twitter’s argument is that these are the main users to watch, since their growth (or decline) is more closely linked to how Twitter’s business is doing. It helps also to take attention away from more established usage metrics such as daily and monthly active users, both of which had stagnated and even declined in recent years, which mark a longtime challenge for the company: Twitter is addictive and used almost religiously by some people, but ultimately the company had not managed to grow traction with a mass market.

The U.S. continues to be Twitter’s largest single market but is still outweighed by business outside those borders. Average U.S. mDAU was 30 million, compared to 26 million in the same period of the previous year and 29 million in the previous quarter, Twitter said, while average international mDAU was 115 million, compared to 98 million in the same period of the previous year and 110 million in the previous quarter.

Ad revenue was $702 million, up 8% year-over-year, with data licensing and other revenue coming in at $121 million, up 12%. U.S. revenue continues to outpace international, at $465 million versus $358 million.

For some context: Last quarter the company reported EPS also of $0.20 on revenues of $841 million; and actually down by one cent on a year ago, when the company reported earnings of $0.21 on sales of $758 million. 

More to come.

TechCrunch

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GOOGLE

This Week in Search News: Simple and Easy-to-Read Update

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This Week in Search News: Simple and Easy-to-Read Update

Here’s what happened in the world of Google and search engines this week:

1. Google’s June 2024 Spam Update

Google finished rolling out its June 2024 spam update over a period of seven days. This update aims to reduce spammy content in search results.

2. Changes to Google Search Interface

Google has removed the continuous scroll feature for search results. Instead, it’s back to the old system of pages.

3. New Features and Tests

  • Link Cards: Google is testing link cards at the top of AI-generated overviews.
  • Health Overviews: There are more AI-generated health overviews showing up in search results.
  • Local Panels: Google is testing AI overviews in local information panels.

4. Search Rankings and Quality

  • Improving Rankings: Google said it can improve its search ranking system but will only do so on a large scale.
  • Measuring Quality: Google’s Elizabeth Tucker shared how they measure search quality.

5. Advice for Content Creators

  • Brand Names in Reviews: Google advises not to avoid mentioning brand names in review content.
  • Fixing 404 Pages: Google explained when it’s important to fix 404 error pages.

6. New Search Features in Google Chrome

Google Chrome for mobile devices has added several new search features to enhance user experience.

7. New Tests and Features in Google Search

  • Credit Card Widget: Google is testing a new widget for credit card information in search results.
  • Sliding Search Results: When making a new search query, the results might slide to the right.

8. Bing’s New Feature

Bing is now using AI to write “People Also Ask” questions in search results.

9. Local Search Ranking Factors

Menu items and popular times might be factors that influence local search rankings on Google.

10. Google Ads Updates

  • Query Matching and Brand Controls: Google Ads updated its query matching and brand controls, and advertisers are happy with these changes.
  • Lead Credits: Google will automate lead credits for Local Service Ads. Google says this is a good change, but some advertisers are worried.
  • tROAS Insights Box: Google Ads is testing a new insights box for tROAS (Target Return on Ad Spend) in Performance Max and Standard Shopping campaigns.
  • WordPress Tag Code: There is a new conversion code for Google Ads on WordPress sites.

These updates highlight how Google and other search engines are continuously evolving to improve user experience and provide better advertising tools.

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FACEBOOK

Facebook Faces Yet Another Outage: Platform Encounters Technical Issues Again

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Facebook Problem Again

Uppdated: It seems that today’s issues with Facebook haven’t affected as many users as the last time. A smaller group of people appears to be impacted this time around, which is a relief compared to the larger incident before. Nevertheless, it’s still frustrating for those affected, and hopefully, the issues will be resolved soon by the Facebook team.

Facebook had another problem today (March 20, 2024). According to Downdetector, a website that shows when other websites are not working, many people had trouble using Facebook.

This isn’t the first time Facebook has had issues. Just a little while ago, there was another problem that stopped people from using the site. Today, when people tried to use Facebook, it didn’t work like it should. People couldn’t see their friends’ posts, and sometimes the website wouldn’t even load.

Downdetector, which watches out for problems on websites, showed that lots of people were having trouble with Facebook. People from all over the world said they couldn’t use the site, and they were not happy about it.

When websites like Facebook have problems, it affects a lot of people. It’s not just about not being able to see posts or chat with friends. It can also impact businesses that use Facebook to reach customers.

Since Facebook owns Messenger and Instagram, the problems with Facebook also meant that people had trouble using these apps. It made the situation even more frustrating for many users, who rely on these apps to stay connected with others.

During this recent problem, one thing is obvious: the internet is always changing, and even big websites like Facebook can have problems. While people wait for Facebook to fix the issue, it shows us how easily things online can go wrong. It’s a good reminder that we should have backup plans for staying connected online, just in case something like this happens again.

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NEWS

We asked ChatGPT what will be Google (GOOG) stock price for 2030

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We asked ChatGPT what will be Google (GOOG) stock price for 2030

Investors who have invested in Alphabet Inc. (NASDAQ: GOOG) stock have reaped significant benefits from the company’s robust financial performance over the last five years. Google’s dominance in the online advertising market has been a key driver of the company’s consistent revenue growth and impressive profit margins.

In addition, Google has expanded its operations into related fields such as cloud computing and artificial intelligence. These areas show great promise as future growth drivers, making them increasingly attractive to investors. Notably, Alphabet’s stock price has been rising due to investor interest in the company’s recent initiatives in the fast-developing field of artificial intelligence (AI), adding generative AI features to Gmail and Google Docs.

However, when it comes to predicting the future pricing of a corporation like Google, there are many factors to consider. With this in mind, Finbold turned to the artificial intelligence tool ChatGPT to suggest a likely pricing range for GOOG stock by 2030. Although the tool was unable to give a definitive price range, it did note the following:

“Over the long term, Google has a track record of strong financial performance and has shown an ability to adapt to changing market conditions. As such, it’s reasonable to expect that Google’s stock price may continue to appreciate over time.”

GOOG stock price prediction

While attempting to estimate the price range of future transactions, it is essential to consider a variety of measures in addition to the AI chat tool, which includes deep learning algorithms and stock market experts.

Finbold collected forecasts provided by CoinPriceForecast, a finance prediction tool that utilizes machine self-learning technology, to anticipate Google stock price by the end of 2030 to compare with ChatGPT’s projection.

According to the most recent long-term estimate, which Finbold obtained on March 20, the price of Google will rise beyond $200 in 2030 and touch $247 by the end of the year, which would indicate a 141% gain from today to the end of the year.

2030 GOOG price prediction: Source: CoinPriceForecast

Google has been assigned a recommendation of ‘strong buy’ by the majority of analysts working on Wall Street for a more near-term time frame. Significantly, 36 analysts of the 48 have recommended a “strong buy,” while seven people have advocated a “buy.” The remaining five analysts had given a ‘hold’ rating.

1679313229 737 We asked ChatGPT what will be Google GOOG stock price
Wall Street GOOG 12-month price prediction: Source: TradingView

The average price projection for Alphabet stock over the last three months has been $125.32; this objective represents a 22.31% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $160, representing a gain of 56.16% from the stock’s current price of $102.46.

While the outlook for Google stock may be positive, it’s important to keep in mind that some potential challenges and risks could impact its performance, including competition from ChatGPT itself, which could affect Google’s price.


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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