By: Marina Awadallah

Mubasher: The number of Twitter daily users has hit its highest-ever quarterly level during the second quarter (Q2) of 2020.

Twitter’s average monetizable daily active users (mDAU) surged by 34% year-on-year (YoY) to 186 million users in Q2, exceeding analysts’ estimates of 176 million, according to data by the social media platform released on Thursday.

On the other hand, the company's revenues declined by 19% to $683 million during the April-June period of 2020, as the coronavirus (COVID-19) outbreak has affected its events-oriented digital advertisements.

Accounting for 82% of the company's revenues, advertising revenue reached $562 million, down by 23% when compared to the same period of 2019.

However, the company has seen a gradual recovery in ad revenues in this quarter, after revenues dropped by 27% in Q1 due to lower global advertising spending because of the pandemic.

At the same time, the company logged a net loss of $1.2 billion in Q2-20, mostly attributed to the reversal of a tax benefit set a year earlier of $1.1 billion

The company's performance report was published a week after major figures Twitter accounts, including that of former US President Barack Obama, had been hacked.

Commenting on this problem, in a letter to shareholders, the company disclosed: "We moved quickly to address what happened, and have taken additional steps to improve resiliency against targeted social engineering attempts, implemented numerous safeguards to improve the security of our internal systems."