Twitter reports $1.14 billion net loss for 2020; costs & expenses rise by 19%

American micro-blogging site Twitter on Wednesday announced that it h suffered a net loss of $1.14 billion in 2020 representing a net margin of -31 percent. On or hand, Twitter's costs and expenses saw an increase of 19 percent year over year totaling $3.69 billion while revenue amounted to $3.72 billion.

Releasing its financial results for fiscal year, social networking company said, "2020 net loss was $1.14 billion, representing a net margin of -31 percent and diluted EPS [earnings per share – Ed.] of -$1.44. This compares to 2019 net income of $1.47 billion, representing a net margin of 42 percent and diluted EPS of $1.87.” Both periods were affected by non-cash, tax-related justments."

For first quarter of 2021, Twitter expects total revenue to be between $940 million and $1.04 billion. "As we enter 2021, our objectives are similar to previous years and our success will best be measured by our ability to grow our audience and deliver financial results in line with our guidance," it said.

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Twitter under pressure from India

This report comes amidst immense pressure being faced by company when it comes to its business interests in India. Earlier this month, Indian government h ordered Twitter to block 1,178 accounts with links to Pakistan and Khalistan supporters that were spreing misinformation and provocative content on farmers' protest. It h also asked for action to be taken against hashtags related to 'Farmer Genocide'. 

Yesterday, Twitter said that it h withheld some of accounts flagged by Indian government and h blocked m "within India only" but h not blocked handles of civil society activists, politicians, and media as "it would violate ir fundamental right to free expression". 

This h earned a strong response from  Union Ministry for Electronics, IT, and Communications with Ravi Shankar Pras stating that spre of 'hateful' content and ir "double standards" will not be allowed in India. 

Amid tussle, Ministry of Electronics and IT (MeitY) and some or government departments have set up accounts on native micro-blogging site Koo.  app was launched 10 months ago and won Aatmanirbhar App Challenge organized by Indian government.

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