Better Than Expected Results for No-Moat Twitter
We are maintaining our fair value estimate and see the stock as overvalued today.
Total revenue grew 21% year over year to $665 million, stemming from 21% growth in advertising revenue to $575 million, driven not only by monthly and daily active users, but also by more engaging advertising options, such as in-stream video ads. The firm continues to monetize its data effectively, as data revenue grew 20% year over year to $90 million. Adjusted EBITDA came in at 37% of revenue, and net margins at 9%.
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