Twitter Monday mentioned it’s withdrawing its income and working earnings steerage for the primary quarter of 2020, in addition to its outlook for bills, stock-based compensation, headcount, and capital expenditures for the total yr as a result of rising affect of COVID-19 on the worldwide working and financial surroundings and their impact on advertiser demand.

Whereas the near-term monetary affect of this pandemic is quickly evolving and tough to measure, based mostly on present visibility, the corporate mentioned, it mentioned it’s taken a success on promoting prior to now few weeks and expects income for the quarter ending in March to be down barely on a year-over-year foundation. Twitter additionally expects to incur a working loss, as diminished bills ensuing from COVID-19 disruption are unlikely to totally offset the income affect of the pandemic within the first three months.

International dialog about COVID-19 in addition to ongoing product enhancements are driving power in complete monetizable DAU (mDAU, or every day common customers) with quarter-to-date common complete mDAU reaching roughly 164 million, up 23% from 134 million within the first quarter of 2019 and up 8% from 152 million within the fourth quarter.

“Twitter’s function is to serve the general public dialog, and in these making an attempt occasions our work has by no means been extra important. We’re seeing a significant improve in individuals utilizing Twitter, and our groups are demonstrating unbelievable resilience adapting to this unprecedented surroundings,” mentioned Jack Dorsey, Twitter’s CEO. “We’ll proceed to navigate this surroundings specializing in supporting our staff,
prospects, and companions, whereas strengthening our service for everybody world wide and adjusting to a brand new working and financial surroundings.”

“Twitter had a powerful begin to the yr earlier than the results of COVID-19 started spreading extra broadly,
together with a profitable Tremendous Bowl and total power within the US. The COVID-19 affect started in Asia, and because it unfolded into a world pandemic, it has impacted Twitter’s promoting income globally extra
considerably in the previous few weeks,” mentioned CFO Ned Segal. “We’ve got made stable progress on our client and income product priorities and we stay assured in our alternative and technique.”

The corporate will present an replace on its earnings name on April 30.