Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Twitter Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Revenue	1,176,660)	1,200,984)	1,567,220)	1,283,817)	1,190,427)	1,036,018)	1,289,041)	936,233)	683,438)	807,637)	1,007,341)	823,717)	841,381)	786,890)	908,836)	758,111)	710,541)	664,871)	731,560)	589,633)	573,855)	548,251)
Cost of revenue	(540,676)	(507,450)	(515,091)	(484,479)	(416,932)	(381,008)	(432,924)	(361,388)	(288,039)	(284,037)	(314,008)	(281,057)	(277,965)	(264,011)	(268,345)	(243,644)	(230,185)	(222,823)	(217,979)	(210,016)	(212,908)	(220,339)
Gross profit	635,984)	693,534)	1,052,129)	799,338)	773,495)	655,010)	856,117)	574,845)	395,399)	523,600)	693,333)	542,660)	563,416)	522,879)	640,491)	514,467)	480,356)	442,048)	513,581)	379,617)	360,947)	327,912)
Research and development	(454,859)	(371,695)	(371,884)	(324,252)	(299,859)	(250,709)	(247,940)	(208,877)	(215,806)	(200,388)	(198,240)	(178,553)	(159,242)	(146,246)	(141,174)	(150,764)	(138,574)	(123,346)	(133,996)	(136,115)	(143,171)	(128,728)
Sales and marketing	(308,301)	(299,809)	(338,398)	(301,078)	(301,902)	(234,592)	(244,002)	(215,285)	(207,286)	(221,287)	(241,561)	(226,204)	(240,249)	(205,799)	(211,774)	(193,496)	(188,032)	(178,059)	(189,572)	(172,957)	(185,296)	(169,594)
General and administrative	(216,586)	(149,863)	(174,472)	(150,855)	(141,482)	(117,527)	(112,251)	(94,576)	(246,237)	(109,368)	(100,648)	(93,758)	(88,239)	(77,176)	(80,635)	(78,339)	(74,126)	(65,718)	(79,915)	(63,266)	(70,839)	(69,868)
Litigation settlement, net	—)	—)	—)	(765,701)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from operations	(343,762)	(127,833)	167,375)	(742,548)	30,252)	52,182)	251,924)	56,107)	(273,930)	(7,443)	152,884)	44,145)	75,686)	93,658)	206,908)	91,868)	79,624)	74,925)	110,098)	7,279)	(38,359)	(40,278)
Interest expense	(23,342)	(15,444)	(10,824)	(13,284)	(13,893)	(13,185)	(40,166)	(39,614)	(39,828)	(33,270)	(26,377)	(36,226)	(38,317)	(37,260)	(37,273)	(38,336)	(29,982)	(27,015)	(26,700)	(26,732)	(26,396)	(25,409)
Interest income	13,595)	7,962)	7,355)	8,125)	9,202)	11,001)	13,101)	17,167)	25,013)	32,897)	33,927)	40,348)	42,887)	40,541)	37,013)	36,067)	21,960)	16,181)	13,349)	12,028)	10,486)	8,520)
Other income (expense), net	17,616)	(6,506)	20,759)	20,625)	55,739)	6)	(840)	(3,977)	(361)	(7,719)	(2,340)	(504)	7,523)	(436)	(111)	(2,341)	(5,735)	(209)	(3,194)	(10,106)	(58,806)	(1,198)
Gain (loss) on sale of asset group	(11)	970,474)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) before income taxes	(335,904)	828,653)	184,665)	(727,082)	81,300)	50,004)	224,019)	29,683)	(289,106)	(15,535)	158,094)	47,763)	87,779)	96,503)	206,537)	87,258)	65,867)	63,882)	93,553)	(17,531)	(113,075)	(58,365)
(Provision) benefit for income taxes	65,897)	(315,367)	(2,971)	190,325)	(15,651)	18,001)	(1,903)	(1,024)	(1,088,899)	7,139)	(39,321)	(11,241)	1,031,781)	94,301)	48,766)	701,921)	34,250)	(2,885)	(2,474)	(3,564)	(3,413)	(3,194)
Net income (loss)	(270,007)	513,286)	181,694)	(536,757)	65,649)	68,005)	222,116)	28,659)	(1,378,005)	(8,396)	118,773)	36,522)	1,119,560)	190,804)	255,303)	789,179)	100,117)	60,997)	91,079)	(21,095)	(116,488)	(61,559)

Revenue Trends: Revenue showed a fluctuating but generally upward trend from March 2017 to December 2021. Initial quarters in 2017 witnessed moderate increases followed by a sharp increase in Q4 2017. Revenue peaked notably in Q4 2021 at approximately 1.57 billion USD, indicating considerable growth compared to earlier periods. However, there were some declines in mid-2020 before rebounding strongly towards the end of that year and into 2021.
Cost of Revenue: The cost of revenue increased steadily over the period, moving from around 220 million USD in early 2017 to over 500 million USD during 2022. This rise aligns with the increase in revenue but also suggests escalating expenses associated with delivering products or services. The increase was gradual but consistent, with occasional sharper upticks, particularly toward late 2020 and early 2021.
Gross Profit Analysis: Gross profit demonstrated significant volatility. From moderate levels in early 2017, it experienced a sharp rise in late 2017, coinciding with the revenue jump. Subsequent periods showed fluctuations, with notable dips in mid-2020, likely reflecting increased costs or operational pressures. Nevertheless, gross profit recovered by late 2021, reaching over 1 billion USD, indicating effective revenue generation surpassing the cost increments during those quarters.
Research and Development Expenses: Research and development expenses gradually increased over the analyzed timeframe, rising from approximately 129 million USD in early 2017 to over 450 million USD by mid-2022. This steady growth reflects sustained investment in innovation and product development, with sharper increases observed particularly from 2020 onwards, which may have contributed to increased operational costs during those periods.
Sales and Marketing Expenses: Sales and marketing expenditures fluctuated within a broad range but generally increased from roughly 170 million USD at the start of 2017 to over 300 million USD in late 2021. Some periods saw declines, particularly in early 2020, but the overall trend exhibits growing investment in market outreach efforts, consistent with expanding revenue bases.
General and Administrative Expenses: General and administrative costs remained relatively stable until early 2020, when a notable spike occurred in the second quarter, reaching above 240 million USD—significantly higher than prior quarters. After this abnormal surge, expenses mostly reverted to the earlier range, although with some increases observed again by mid-2022. This spike may correspond with extraordinary costs or restructuring.
Litigation Settlement: A substantial negative impact occurred in late 2021 due to a litigation settlement amounting to approximately 765 million USD in expenses. This one-time event significantly influenced overall profitability in that quarter and should be considered an anomaly when analyzing trends.
Operating Income Trends: Operating income showed considerable volatility, with positive periods mainly from late 2017 through 2019, peaking in Q4 2017 and Q4 2019. However, losses were reported regularly in 2017 and reappeared in mid-2020 and post-litigation settlement in 2021. The sharp operating loss in Q4 2021 reflects the litigation settlement, while other losses in 2020 likely relate to rising expenses amid fluctuating revenues.
Interest Expenses and Income: Interest expenses remained fairly consistent throughout the period, generally ranging between 10 million and 40 million USD per quarter, with a slight decline towards the end of 2021 and into 2022. Interest income declined over time, peaking early in the dataset and decreasing steadily after 2019, which may indicate lesser investment income or changes in financial management.
Other Income (Expense), Net: Other income and expenses exhibited irregular patterns, with some quarters showing modest positive or negative values. Unusually high positive income was noted in mid-2021, potentially connected to non-recurring items. These fluctuations suggest incidental or non-operational effects impacting overall financial outcomes in certain quarters.
Gains (Loss) on Sale of Asset Group: A significant gain was recorded in Q2 2022 amounting to approximately 970 million USD, representing a one-time event that substantially affected net income for that period. A small loss followed in the subsequent quarter, but did not offset the large gain.
Income Before Taxes and Net Income: Income before taxes followed a pattern similar to operating income, with positive growth periods interrupted by significant losses notably in Q4 2021 due to litigation settlement and in mid-2020. Correspondingly, net income mirrored these fluctuations, showing strong positive results in several quarters such as Q3 2019 and Q2 2021, but severe losses in Q2 2020 and Q4 2021. After-tax effects in some quarters, especially mid-2018, showed large tax benefits, impacting net income favorably. The large net gain in mid-2022 aligns with the asset sale gain previously discussed.

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Twitter Inc. (NYSE:TWTR)

Income StatementQuarterly Data

Income Statement
Quarterly Data