While Twitter posted over half a billion dollars in net loss due mostly to a lawsuit settlement ($809.5 million), its quarterly revenue soared 37% boosted by solid ad sales around the globe.
This resulted in boosting the social media giant's shares 3%.
The San Francisco-based company revealed on Tuesday that its net loss was $536.8 million (67% per share) in Q3. The loss included a one-time net charge of $766 million from a shareholder lawsuit the company settled. Twitter said last month that it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors investors over user engagement in 2015.
On the other hand, revenue rose 37% to $1.28 billion from $936.2 million.
Unlike its rivals, Twitter's shares haven't been impacted by Apple's privacy changes. For instance, while its shares were up 3%, Snapchat's shares plummeted 25% affected by Apple's recent updates.
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