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In the third quarter, Twitter lost $536 million.

According to financial statistics announced Tuesday, Twitter, a US-based microblogging and social networking service, had a net loss of USD536.7 million in the third quarter of 2021.

The statistics revealed a significant drop from the previous year’s net income of USD28.6 million.

During the same time period, the company’s revenue increased by 37% to USD1.28 billion from USD936 million.

According to the statement, advertising revenue was USD1.14 billion, up 41% year over year.

In the fourth quarter, the company expects overall revenue to range between USD1.5 billion and USD1.6 billion, according to the company.

The net loss includes a USD809.5 million one-time litigation-related net charge to resolve a shareholder class-action lawsuit, according to the company.

On September 20, Twitter stated that it would pay the sum to resolve a lawsuit alleging that the company deceived investors about its user base growth and the number of users that interacted with the platform.

According to the statement, the average monetizable daily active usage was 211 million in the third quarter, up from 187 million in the same period the previous year.

“Excluding the legal settlement announced in the third quarter, we continue to expect total revenue to rise faster than expenses in 2021,” it added.

In after-hours trading on the New York Shares Exchange, Twitter’s stock was down 1.1 percent.

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