Twitter said it has agreed to sell mobile advertising company MoPub to AppLovin for $1.05 billion (about Rs 7,850 crore) in cash, as the microblogging platform focuses more on ads on its app and website.
MoPub, which generated approximately $188 million (approximately Rs 1,400 crore) in annual revenue for Twitter Last year, allowing companies to keep track of advertising inventory in real time, such as of google double click.
“The sale of MoPub prompts us to focus our efforts more on the wider potential of ads on our website and on our apps,” said Ned Segal, Twitter’s chief financial officer.
Twitter on Wednesday said it will focus on its core business by accelerating development of new products and features to achieve its goal of doubling its revenue to $7.5 billion (about Rs 56,090 crore) in 2023.
MoPub deal comes months later Apple updated your mobile operating system that powers iPhone handset and ipad Apple makes it harder for digital advertisers, including social media platforms and mobile game developers, to track users on mobile devices.
The sale will allow Twitter to “invest in key products that position it for long-term growth,” said Twitter’s chief executive officer. jack dorsey said on Wednesday.
The social media company bought MoPub in 2013 for approximately $350 million (about Rs 2,620 crore).
NS Sale to AppLovin Was unanimously approved by Twitter’s board.
AppLovin, which recently went public in April, is a mobile gaming company with a portfolio that includes over 200 free-to-play mobile games such as Word Connect, Slap Kings and Bingo Story.
Shares of the company were up 9 per cent at $84 (around Rs 6,280) in extended trading, while Twitter rose 2 per cent to $62.57 (about Rs 4,680).
© Thomson Reuters 2021