Twitter has reported revenue of of $1.28 billion in the third quarter of 2021, including advertising revenue of $1.14 billion.
While ad revenue was up more than 40 percent year over year, the company missed Wall Street expectations on revenue and earnings per share.
The social media giant warned of a hit from a big lawsuit. The lawsuit, which settled in September, alleged that the company provided misleading engagement numbers to investors.
In a statement, the social media giant said: “We continue to expect total revenue to grow faster than expenses in 2021 (excluding the litigation settlement announced in Q3), and we expect to continue our investment posture
as we enter next year.
“Our 30%+ headcount growth in 2021, with annual merit increases, and other investments we made in 2021, including our new data center, will flow into annual expenses for 2022, likely resulting in a mid-20% increase in total expenses next year prior to hiring any more people or making additional investments during 2022.”