Twitter misses by $0.06, misses on revs; guides Q4 below consensus
- Performance was impacted by revenue product issues and greater-than-expected seasonality. In Q3 we discovered, and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion (MAP) product, impacting our ability to target ads and share data with measurement and ad partners. We also discovered that certain personalization and data settings were not operating as expected. We believe that, in aggregate, these issues reduced year-over-year revenue growth by 3 or more points in Q3.
- We also experienced greater-than-expected seasonality in our advertising business that began in July and continued into August. We believe our core value propositions of launching something new and connecting with what's happening on Twitter continue to resonate very strongly with advertisers, and that slower business over the summer was due to a relatively lighter slate of big events and launches in July and August compared to 2018. We were pleased that year-over-year ad revenue growth rebounded to double digits globally in September, with the most pronounced recovery in the US. Operating income of $44 mln vs. $45-80 mln reflects lower-than-expected revenue and no significant changes to our ongoing investments.
- Average monetizable daily active usage (mDAU) was 145 mln vs 142 mln ests, compared to 124 million in the same period of the previous year and compared to 139 million in the previous quarter. Average US mDAU was 30 million, compared to 26 million in the same period of the previous year and compared to 29 million in the previous quarter. Average international mDAU was 115 million, compared to 98 million in the same period of the previous year and compared to 110 million in the previous quarter.
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