Business Irish

Friday 22 November 2019

Twitter reveals revenues of €2m a day at Dublin base

Global reach: Sinéad McSweeney, Twitter’s Director of Public Policy for EMEA
Global reach: Sinéad McSweeney, Twitter’s Director of Public Policy for EMEA

Gordon Deegan

Revenues at Twitter's Dublin base last year hit almost €2m a day as the company's pre-tax profits increased marginally to €12.16m.

The social media giant has been based in Ireland since 2011 and new accounts offer the first insight into the revenue-generating power of the firm's Irish base and its international subsidiaries.

The Irish-registered Twitter International Company has unlimited status, which means it is not required to file annual accounts.

However, the firm has this year opted to file full accounts for the first time to the Companies Office for 2017, showing that revenues broke through the €700m barrier last year.

Revenues increased by 6.6pc, going from €664.8m to €708.49m - or €1.94m a day - with the revenues at the Irish operation accounting for one-third of Twitter's global $2.44bn revenues in 2017.

Globally, Twitter announced a cost cutting-plan in 2016 and numbers employed at the Dublin unit last year decreased from 202 to 175.

The turnaround at the social platform resulted in Twitter globally recording its first quarterly profit at the end of 2017.

The amount of revenues that the business generates from its Irish users is not disclosed.

Here, singer Niall Horan has the highest number of followers of any Irish person at 39.4 million. Today, Twitter worldwide has 335 million monthly active users.

The Twitter business here earns its revenues from Twitter's operation worldwide apart from the US and Brazil.

The directors state that the company has performed in line with expectations.

Staff costs last year totalled €14.76m and included equity settled share-based payments of €3.39m.

Shareholder funds at the firm at the end of last year totalled €266.18m that included €22.79m in accumulated profits. The company's cash pile last year reduced from €79.87m to €71.9m.

The profit takes account of foreign exchange losses of €15m and non-cash depreciation costs of €2.19m.

The company's operating lease costs increased from €3.5m to €5.25m.

The subsidiaries of Twitter International Company include Twitter firms based in the UK, France, Holland, Germany, Spain, Australia, Italy, Mexico and Asia Pacific.

Irish Independent

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