Twitter says it expects to take a financial hit from coronavirus even though the outbreak has contributed to a surge in usage on the service.
On Monday, Twitter told investors to ignore guidance it gave at the end of last quarter regarding revenue and income. Twitter will report its quarterly results on April 30, and its announcement Monday was the first indication from a major social media platform that the industry has been affected by the pandemic.
“Twitter's purpose is to serve the public conversation, and in these trying times our work has never been more critical. We're seeing a meaningful increase in people using Twitter, and our teams are demonstrating incredible resilience adapting to this unprecedented environment,” said Twitter CEO Jack Dorsey in a press statement. “We'll continue to navigate this environment focusing on supporting our employees, customers, and partners, while strengthening our service for everyone around the world and adjusting to a new operating and economic environment.”
At the end of last year, Twitter forecast that it would generate between $820 million and $885 million in revenue and operating income of up to $30 million. However, on Monday Twitter retracted that forecast. In January, coronavirus, COVID-19, surfaced in Asia and has led to a worldwide emergency.