Twitter posted a nett nonaccomplishment owed to a suit settlement.
Twitter said Tuesday it had posted a $537 cardinal nett nonaccomplishment successful the 3rd 4th aft settling a suit alleging investors were misled astir slowing idiosyncratic growth.
Despite gross rising sharply with the assistance of robust advertisement sales, Twitter inactive posted an operating loss of $743 million, fuelled by the much than $800 cardinal settlement.
The 2016 national suit filed by shareholders claimed the defendants, specified arsenic erstwhile CEO Dick Costolo, did not disclose the afloat representation of the company's authorities portion they sold their idiosyncratic banal successful Twitter.
The shareholders claimed committee members sold banal astatine an "artificially inflated" price. The suit was filed the twelvemonth aft Twitter's shares tumbled successful worth arsenic the institution revealed lethargic growth.
Despite the suit costs, Twitter said 3rd 4th gross deed $1.3 billion, an summation of 37 percent implicit this clip past year.
The institution noted that advertizing revenue reached $1.14 billion, which is 41 percent supra 2020's 3rd 4th results.
© 2021 AFP
Citation: Twitter posts $537 mn nett nonaccomplishment implicit suit payout (2021, October 26) retrieved 26 October 2021 from https://techxplore.com/news/2021-10-twitter-mn-net-loss-lawsuit.html
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