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Twitter: quarterly net income 2012-2020

In the last reported quarter, social network Twitter generated a total net income of 28.66 million U.S. dollars. Earlier in the same year, 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.

Twitter's net income from 1st quarter 2012 to 3rd quarter 2020

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Source

Release date

October 2020

Region

Worldwide

Survey time period

Q1 2011 to Q3 2020

Supplementary notes

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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