Today's picks

    Twitter agrees to pay $809 million to settle lawsuit

    Twitter Inc said Monday it had agreed to pay $809 million to settle a class action lawsuit brought against it in 2016 accusing the company of misleading investors. Twitter shareholders had accused the company and its managers of making “false statements” about the company’s growth, which led to “artificial price inflation”, which caused “economic damage” to shareholders at the time.

    It is noteworthy that “Twitter” revenue jumped during the second quarter of this year at a better-than-expected pace, with the recovery in demand for ads, which recorded the fastest growth in revenue since 2014.

    The micro-blogging platform, Twitter, announced second-quarter earnings, which came stronger than analysts expected, as earnings were 20 cents per share, compared to 7 cents, while revenue reached $ 1.2 billion, compared to $1.07 billion, as analysts expected in a survey conducted by Refinitiv.

    Twitter’s revenue grew 74% year-on-year in the second quarter, as the company indicated a “significant increase in advertiser demand,” while in the previous quarter, revenue increased by 28%.

    The pace of growth also accelerated as the company entered the quarter when revenue fell by about 19%, leading to the strongest growth since 2014.

    According to the company, the daily active users, which can be monetized, are about 206 million, compared to 206.2 million as expected by analysts.