In the last reported quarter, social network X/Twitter had a net loss of 270 million U.S. dollars, down from a net income of 513 million U.S. dollars in the first quarter of 2022.
In 2020, the decline in revenue was due to an advertising slump caused by the outbreak of the global coronavirus pandemic, which led the company to recognize a deferred tax asset valuation allowance of 1.1 billion U.S. and a non-cash income tax expense based primarily on cumulative taxable losses driven primarily by COVID-19.
X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022
(in million U.S. dollars)
Characteristic
Net income/loss in million U.S. dollars
Q2 '22
-270.01
Q1 '22
513.29
Q4 '21
181.69
Q3 '21
536.76
Q2 '21
65.65
Q1 '21
68.01
Q4 '20
222.12
Q3 '20
28.66
Q2 '20
-1,228.01
Q1 '20
-8.4
Q4 '19
118.77
Q3 '19
36.52
Q2 '19¹
1,119.56
Q1 '19
190.8
Q4 '18
255.3
Q3 '18
789.18
Q2 '18
100.12
Q1 '18
61
Q4 '17
91.08
Q3 '17
-21.1
Q2 '17
-116.49
Q1 '17
-61.56
Q4 '16
-167.05
Q3 '16
-102.87
Q2 '16
-107.22
Q1 '16
-79.73
Q4 '15
-90.24
Q3 '15
-131.69
Q2 '15
-136.66
Q1 '15
-162.44
Q4 '14
-125.35
Q3 '14
-175.46
Q2 '14
-144.64
Q1 '14
-132.36
Q4 '13
-511.47
Q3 '13
-64.6
Q2 '13
-42.23
Q1 '13
-27.03
Q4 '12
-8.71
Q3 '12
-21.59
Q2 '12
-27.58
Q1 '12
-21.52
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¹As per the Q2 2019 shareholder letter: "Our net benefit from income taxes in Q2 was more than $1 billion, largely driven by a significant tax benefit related to the establishment of a deferred tax asset for corporate structuring for certain geographies. Excluding the tax benefit, our provision for income taxes was $51 million."
² As per the Q2 2020 shareholder letter: "In Q2 2020, we recognized a deferred tax asset valuation allowance of $1.1 billion and a non-cash income tax expense based primarily on cumulative taxable losses driven primarily by COVID-19. This valuation allowance would be reversed in the event, and to the extent, that it is more likely than not that there will be sufficient taxable income to realize the tax benefit. Depending on the extent and severity of COVID-19’s impact, we could have an additional valuation allowance against deferred tax assets in a future period. As a result of the valuation allowance, we incurred a net loss of $1.2 billion in Q2"
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Twitter. (July 22, 2022). X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars) [Graph]. In Statista. Retrieved October 06, 2024, from https://www.statista.com/statistics/299119/twitter-net-income-quarterly/
Twitter. "X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars)." Chart. July 22, 2022. Statista. Accessed October 06, 2024. https://www.statista.com/statistics/299119/twitter-net-income-quarterly/
Twitter. (2022). X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 06, 2024. https://www.statista.com/statistics/299119/twitter-net-income-quarterly/
Twitter. "X (Formerly Twitter) Net Income from 1st Quarter 2012 to 2nd Quarter 2022 (in Million U.S. Dollars)." Statista, Statista Inc., 22 Jul 2022, https://www.statista.com/statistics/299119/twitter-net-income-quarterly/
Twitter, X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/299119/twitter-net-income-quarterly/ (last visited October 06, 2024)
X (formerly Twitter) net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars) [Graph], Twitter, July 22, 2022. [Online]. Available: https://www.statista.com/statistics/299119/twitter-net-income-quarterly/