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SAN FRANCISCO, October 6, 2021 / PRNewswire / – Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to sell MoPub to AppLovin Corporation (NASDAQ: APP), a leading marketing software company, to $ 1.05 billion in liquid.
The transaction will allow Twitter to accelerate the development of revenue owned and operated products and drive growth in key areas for the service, including performance-based advertising, offers for small and medium-sized businesses (SMBs) and business initiatives. Twitter believes that AppLovin is well positioned to grow and evolve MoPub’s customer network in the rapidly evolving application industry.
Jack Dorsey, CEO of Twitter said, “This transaction strengthens our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in commodities that position Twitter for long-term growth and best serve public conversation. We thank the amazing teams and clients who have contributed to MoPub’s success within Twitter over the years. “
Ned Segal, Twitter’s CFO said, “The sale of MoPub allows us to focus more of our efforts on the huge potential of ads on our website and in our apps. We plan to accelerate product development and close short-term revenue loss, with the goal of improving our time to market to meet our previously stated goal of at least doubling total annual revenue. of $ 3.7 billion in 2020 at $ 7.5 billion or more in 2023. “
Bruce falck, Twitter Revenue Product Lead adds, “The sale of MoPub is based on increased focus, realignment of our resources and faster growth in a number of key areas including performance-based advertising, small business and commerce. We are confident that AppLovin will be a great home for MoPub as they invest more in the business, generating strong monetization for publishers and their clients. “
In 2020, MoPub generated approximately $ 188 million of annual revenue, which was reported in Data licenses and others. The Company will provide further details regarding the estimated future financial impact when it releases its third quarter financial results on October 26, 2021, after market close.
As a reminder, the Company will record an operating expense during the third quarter of 2021 for the $ 809.5 million settlement of the dispute that he announced on September 20, 2021.
terms
Under the terms of the agreement, Twitter will provide certain services to AppLovin during a post-closing period to allow for an orderly transition for publishers and advertisers. The transaction, which was unanimously approved by Twitter’s board of directors, is expected to close in the coming months, subject to customary closing conditions, including receipt of regulatory approval.
About Twitter, Inc.
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Forward-looking statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the future financial or operational performance of Twitter. In some cases, you can identify forward-looking statements because they contain words such as “may”, “will”, “should”, “expects”, “plans”, “plans”, “go to”, ” could “,” intends “,” targets “,” projects “,” contemplates “,” believes “,” considers “,” plans “,” of relate to the expectations, strategy, priorities, plans or intentions of Twitter. Forward-looking statements contained in this press release include, without limitation, statements regarding the sale of MoPub, including the expected benefits of the transaction and the effect of the transaction on Twitter’s business and financial performance, as well the expected timing of the close and statements regarding the MoPub activity after the close; Twitter’s business plans and strategies, including areas of interest and investment; Twitter’s future financial and operational performance, including its growth opportunities and outlook, financial directions and objectives, and the assumptions underlying such financial outlook, directions and objectives, as well as statements regarding the settlement of Twitter. a class action. Twitter’s expectations and beliefs regarding these matters may not materialize, and actual results for future periods are subject to risks and uncertainties, including changes in our plans or assumptions, which could cause results to differ materially. actual and expected. These risks include the possibility that: the MoPub transaction does not close on time or at all, the parties may not be able to obtain the required regulatory approvals or meet other closing conditions in a timely manner, or not at all, the Company incurs unforeseen costs or liabilities, or that the Company does not realize the expected profits from the transaction; the COVID-19 pandemic and related impacts will continue to have a negative impact on our business, financial condition, results of operations and the achievement of our strategic objectives, as well as the markets in which we operate and the global economies and regional; Twitter’s accounts and engagement total does not increase or decrease; Twitter’s strategies, priorities or plans take longer than expected to complete; Twitter’s new products and features fall short of expectations or fail to drive mDAU’s growth; advertisers continue to cut or stop spending on Twitter; data partners reduce or discontinue their data license purchases from Twitter; and Twitter is experiencing spending that exceeds its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those described in more detail in Twitter’s annual report on Form 10-K for the year ended. December 31, 2020, and Twitter’s quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2021, filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based on information available on Twitter as of the date hereof, and Twitter disclaims any obligation to update any forward-looking statements, except as required by law.
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