Twitter to invest aggressively in bitcoin - Mobile World Live

Twitter to invest aggressively in bitcoin

23 JUL 2021

Twitter founder and CEO Jack Dorsey told investors future growth would be driven by Bitcoin, AI and decentralisation, as the company reported a 74 per cent year-on-year increase in revenue during Q2.

On Twitter’s earnings call, Dorsey focused on macro trends more than the financials, explaining it would use AI to increase relevance and discovery, with decentralisation aiming to improve the quality of conversations.

Dorsey added Bitcoin offered Twitter a “currency people and companies can freely trade anywhere”, adding the company would “continue to look at this space and invest aggressively”.

“It allows speed and allows a lot more innovation and really opens up entirely new use cases for everyone on Twitter”.

The executive stated Twitter will “start and stop many more features than we have in the past” as it seeks to bolster user engagement.

Twitter recently axed one such service, Fleets after it failed to stir enthusiasm among users. But it explained another new feature in the works will allow users to play online games inside advertisements.

During Q2, Twitter recorded net income of $65.6 million compared with a $1.4 billion loss in Q2 2020, on revenue of $1.2 billion.

Advertising revenue was a key contributor to the growth, rising 87 per cent to $1.05 billion.

The company added 7 million active users during the quarter.

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Martha DeGrasse

Freelance tech journalist Martha DeGrasse (@mardegrasse) is delighted to be contributing to Mobile World Live. Martha has written for a number of telecom and wireless publications, and was a writer, editor and video producer at RCR Wireless News for almost...

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