Twitter posted a net loss Tuesday due mostly to a lawsuit settlement, but its revenue rose sharply in the third quarter, boosted by solid ad sales around the globe.
The San Francisco-based company said Tuesday that its net loss was $536.8 million, or 67 cents per share, in the July-September quarter. That's down from a profit of $28.7 million, or 4 cents per share, in the same period a year earlier.
The loss included a one-time net charge of $766 million from a shareholder lawsuit the company settled. Twitter said last month that it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform.
Revenue rose 37% to $1.28 billion from $936.2 million.
Analysts, on average, were expecting revenue of $1.29 billion, according to a poll by FactSet.
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