Twitter has admitted that the coronavirus pandemic had an affect on its Q1 advertising revenues. The company forecasts weaker results and an operating loss due to advertisers losing steam, reported Reuters.
The firm expects Q1 revenues to be down year-on-year after initially forecasting an increase to $885 million (up 8.6% from the previous year).
At the same time, the microblogging site revealed that daily active users were up 23% to 164 million quarter-on-quarter. The rise in active users is brought on by the pandemic and widespread lockdown measures resulting in people having more time to use social media.
Twitter is also a popular news channels for many people to obtain up-to-date information from.
Competitors such as Facebook have seen similar trends emerge: with more users flocking to the site, but fewer advertisers spending their budgets during this time.