Washington-Sana
The popular social networking site, Twitter, announced that it recorded a net loss of $ 537 million during the third quarter of this year, despite the increase in revenue significantly due to the strength in advertising sales.
And the French Press Agency quoted the site as saying that the operating loss amounted to 743 million dollars, and the company paid more than 800 million dollars in fines to settle a lawsuit filed by investors in the site years ago alleging that they had been misled about the slowdown in the growth of users.
Twitter revealed that third-quarter revenue amounted to $ 1.3 billion, an increase of 37 percent compared to the previous year, noting that advertising revenue amounted to $ 1.14 billion, an increase of 41 percent over the results of the third quarter of 2020.
The lawsuit brought by investors against Twitter in 2016 included accusations that people such as the site's former chairman, Dick Costolo, did not reveal the full picture of the state of the company when they sold their private shares they owned in it.
Investors claimed that board members sold their shares at "artificially inflated" prices.
The lawsuit was filed a year after Twitter's share value plummeted, with the company revealing that its growth has slowed.
