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Twitter posts 37pc profit growth in Q3

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Twitter’s revenue has surged 37 percent in the third quarter despite $537 million net loss after settling a lawsuit.

Despite revenue rising sharply with the help of robust ad sales, Twitter still posted an operating loss of $743 million, fuelled by the more than $800 million settlement.

The 2016 federal suit filed by shareholders claimed the defendants, such as former CEO Dick Costolo, did not disclose the full picture of the company’s state while they sold their personal stock in Twitter.

Avoiding the brunt of Apple Inc’s privacy changes on advertising, the social networking site has been working to add new features such as audio chat rooms to attract users. The company rolled out improvements to its advertising capabilities to reach its goal of doubling annual revenue in the next two years.

Twitter registered $1.14 billion advertising revenue during the quarter ended September 30. The company said it saw a “modest” impact to ad revenue due to privacy changes Apple rolled out.

According to IBES data from Refinitiv, the number of monetizable daily active users of Twitter was 211 million during the third quarter, missing analyst estimates of 212.6 million. While Twitter increased its number of users outside the US by 5 million from the previous quarter.

Total revenue, which also includes money that Twitter earns from data licensing, was $1.28 billion, also in line with Wall Street targets.

Twitter said its costs this year from hiring and investing in a new data center will flow into next year, resulting in a mid-20 percent increase in total costs for 2022. The company forecast fourth quarter revenue between $1.5 billion to $1.6 billion.

Companies

Dubai warns engineering firms over costly villa designs

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

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UAE urges businesses to file Corporate Tax returns on time to avoid fines

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

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Announcements

You might stop getting bank OTPs via SMS in UAE : Here’s why

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In a landmark move to boost digital banking security, banks across the UAE will begin phasing out one-time passwords (OTPs) sent via SMS and email starting Friday, July 25, 2025. The transition comes in line with new directives issued by the UAE Central Bank, mandating the adoption of app-based authentication for all local and international banking transactions.

The shift will be implemented in stages, with customers required to activate app-based verification systems to continue approving transactions. The complete phase-out of SMS and email OTPs is expected by March 2026.

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The UAE Central Bank’s initiative marks a significant departure from traditional OTP delivery methods, which have increasingly become targets for cyber threats. In contrast, app-based verification offers a more secure and reliable method for transaction approvals, leveraging advanced technology to safeguard user data and banking operations.

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