Social media giant Twitter (TWTR) can thank the current coronavirus pandemic for its spike in daily users.
The tech company reported its earnings today, announcing that daily users have spiked to 166 million in the first quarter, which is a 24% increase compared to the same period last year. It stood at 134 million users in Q1 2019.
"For the first time in history, the whole world is focused on learning how to solve one global problem," said Twitter CEO Jack Dorsey. "People are turning to Twitter to stay informed, to share solutions and to ask for help and support one another, and we see it in the numbers."
The company posted a 1 penny per-share loss for the first three months of the year, compared to a 10 cent per-share profit in the same period last year.
"During the first quarter, we made progress on our two most significant revenue product priorities. Our first priority is our ad server rebuild, which we are focused on completing by the end of Q2," said Dorsey.
Is it a good time to buy tech stocks?
Well, Jim Cramer thinks so. He says investors should buy tech stocks amid the coronavirus pandemic.
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