Additionally, some accounts used by organizations are used by many people within the organization. We believe that advertisers outside of the United States represent a substantial opportunity and we plan to invest to increase our advertising revenue from international advertisers, including by launching our self-serve advertising platform in selected international markets. There is no assurance that platform partners will continue to develop and maintain applications and content for our products and services. Die durchschnittlichen jährlichen Wachstumsraten gelten für die Gewinne von heute bis In addition, the interpretation and application of consumer and data protection laws or regulations in the United States, Europe and elsewhere are often uncertain and in flux, and in some cases, laws or regulations in one country may be inconsistent with, or contrary to, those of another country.
Aktuelle wikifolio Trades zu Twitter
So, in total, our design guidelines for newsletter user experience are now based on systematic studies of newsletters across participants, as well as single-user testing of several hundred additional newsletters that study participants already received in their personal inboxes.
As usual with any replicated user research, we did find some changes and additional insights — even for "old" topics such as the subscription interface and subject line. The number of newsletter usability guidelines has grown from to The bar for acceptable user experience keeps being raised.
But most new findings were in areas that have risen to prominence since our previous study: I'll focus on these new topics later, but first we'll look at two key issues: One clear trend since our last study is the ever-increasing amount of mail in people's inboxes.
It's clear that users are falling further behind in keeping up with their email. This doesn't change the old guidelines regarding the importance of using clear "from" and "subject" lines to ensure your messages attract attention; in fact, busier inboxes simply make these guidelines even more important.
In the past, a newsletter might have gotten away with a generic or spammy subject line. Today, that same design will doom it. One poor subject line came from InterContinental Hotels: In addition to subject lines, users now pay more attention to message previews. This change is partly driven by the increasing email volume users can decide whether to dispose of or keep messages without opening them all and partly driven by more mobile access users can't see much on a small screen.
It's always been a guideline to start a newsletter with the most important stuff, but the increased use of previews makes it even more important to focus on high-value content at the start of a message , since users are less likely now to look beyond it.
It almost goes without saying that "high-value" is judged based on what's valuable to the recipients — not on what you feel like promoting today. We've tested subscription user interfaces in 3 rounds, and the measured usability has improved each time:.
When user experience metrics improve over time, there are two possible explanations: In the case of email newsletters, there's probably a bit of both. But, overall, users don't seem to be much savvier now regarding newsletter subscriptions than they were 8 years ago.
So, the main explanation for the improved performance is probably that websites are indeed getting better at designing to attract newsletter subscribers. One data point to support this assessment comes from our analysis of political campaign newsletters from national elections in and Averaged across the parties, the newsletters' compliance with our usability guidelines was:.
At least in the narrow case of election newsletters, design has improved over time. Not as much as we'd like, of course, which might be why success rates improved by only slightly less than one percentage point per year. Email newsletters are a better way to stay in touch with customers than updates posted on social networks like Facebook or Twitter:. In our latest study, we asked users to "receive updates" from companies. Although users weren't really interested in receiving company updates through social networks, they are information sources that compete for people's attention.
Some users reported hearing about breaking news through Facebook before they received a news alert via email. We rely on the sale of advertising services for the substantial majority of our revenue. If we experience a decline in the number of users or a decline in user engagement, including as a result of the loss of world leaders, government officials, celebrities, athletes, journalists, sports teams, media outlets and brands who generate content on Twitter, advertisers may not view our products and services as attractive for their marketing expenditures, and may reduce their spending with us which would harm our business and operating results.
We generate the substantial majority of our revenue from advertising. The loss of advertising revenue could harm our business. The substantial majority of our revenue is currently generated from third parties advertising on Twitter. We generate substantially all of our advertising revenue through the sale of our three Promoted Products: As is common in the industry, our advertisers do not have long-term advertising commitments with us.
In addition, many of our advertisers purchase our advertising services through one of several large advertising agency holding companies. Advertising agencies and potential new advertisers may view our Promoted Products as experimental and unproven, and we may need to devote additional time and resources to educate them about our products and services. Advertisers also may choose to reach users through our free products and services, instead of our Promoted Products.
Advertisers will not continue to do business with us, or they will reduce the prices they are willing to pay to advertise with us, if we do not deliver ads in an effective manner, or if they do not believe that their investment in advertising with us will generate a competitive return relative to alternatives, including online, mobile.
Table of Contents and traditional advertising platforms. Our advertising revenue could be adversely affected by a number of other factors, including: The occurrence of any of these or other factors could result in a reduction in demand for our ads, which may reduce the prices we receive for our ads, either of which would negatively affect our revenue and operating results.
If we are unable to compete effectively for users and advertiser spend, our business and operating results could be harmed. Competition for users of our products and services is intense. Although we have developed a new global platform for public self-expression and conversation in real time, we face strong competition in our.
Table of Contents business. We compete against many companies to attract and engage users, including companies which have greater financial resources and substantially larger user bases, such as Facebook including Instagram , Google, LinkedIn, Microsoft and Yahoo! For example, Facebook operates a social networking site with significantly more users than Twitter and has been introducing features similar to those of Twitter.
In addition, Google may use its strong position in one or more markets to gain a competitive advantage over us in areas in which we operate, including by integrating competing features into products or services they control.
As a result, our competitors may acquire and engage users at the expense of the growth or engagement of our user base, which would negatively affect our business. We believe that our ability to compete effectively for users depends upon many factors both within and beyond our control, including: We also face significant competition for advertiser spend.
The substantial majority of our revenue is currently generated through ads on Twitter, and we compete against online and mobile businesses, including those referenced above, and traditional media outlets, such as television, radio and print, for advertising budgets.
In order to grow our revenue and improve our operating results, we must increase our share of spending on advertising relative to our competitors, many of which are larger companies that offer more traditional and widely accepted advertising products. In addition, some of our larger competitors have substantially broader product or service offerings and leverage their relationships based on other products or services to gain additional share of advertising budgets.
We believe that our ability to compete effectively for advertiser spend depends upon many factors both within and beyond our control, including: In recent years, there have been significant acquisitions and consolidation by and among our actual and potential competitors. We anticipate this trend of consolidation will continue, which will present heightened competitive challenges for our business.
Acquisitions by our competitors may result in reduced functionality of our products and services. As a result, our users may be less likely to click on links to Instagram photos in Tweets, and Instagram users may be less likely to tweet or remain active users of Twitter.
Any similar elimination of integration with Twitter in the future, whether by Facebook or others, may adversely impact our business and operating results. Consolidation may also enable our larger competitors to offer bundled or integrated products that feature alternatives to our platform.
If we are not able to compete effectively for users and advertiser spend our business and operating results would be materially and adversely affected. Our operating results may fluctuate from quarter to quarter, which makes them difficult to predict. Our quarterly operating results have fluctuated in the past and will fluctuate in the future. As a result, our past quarterly operating results are not necessarily indicators of future performance.
Our operating results in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our control, including: Given our limited operating history and the rapidly evolving markets in which we compete, our historical operating results may not be useful to you in predicting our future operating results.
We believe our rapid growth may understate the potential seasonality of our business. As our revenue growth rate slows, we expect that the seasonality in our business may become more pronounced and may in the future cause our operating results to fluctuate.
For example, advertising spending is traditionally seasonally strong in the fourth quarter of each year and we believe that this seasonality affects our quarterly results, which generally reflect higher sequential advertising revenue growth from the third to fourth quarter compared to sequential advertising revenue growth from the fourth quarter to the subsequent first quarter. In addition, global economic concerns continue to create uncertainty and unpredictability and add risk to our future outlook.
An economic downturn in any particular region in which we do business or globally could result in reductions in advertising revenue, as our advertisers reduce their advertising budgets, and other adverse effects that could harm our operating results. User growth and engagement depend upon effective interoperation with operating systems, networks, devices, web browsers and standards that we do not control.
We make our products and services available across a variety of operating systems and through websites. We are dependent on the interoperability of our products and services with popular devices, desktop and mobile operating systems and web browsers that we do not control, such as Mac OS, Windows, Android, iOS, Chrome and Firefox.
Any changes in such systems, devices or web browsers that degrade the functionality of our products and services or give preferential treatment to competitive products or services could adversely affect usage of our products and services. Further, if the number of platforms for which we develop our product expands, it will result in an increase in our operating expenses. In order to deliver high quality products and services, it is important that our products and services work well with a range of operating systems, networks, devices, web browsers and standards that we do not control.
In addition, because a majority of our users access our products and services through mobile devices, we are particularly dependent on the interoperability of our products and services with mobile devices and operating systems.
We may not be successful in developing relationships with key participants in the mobile industry or in developing products or services that operate effectively with these operating systems, networks, devices, web browsers and standards.
In the event that it is difficult for our users to access and use our products and services, particularly on their mobile devices, our user growth and engagement could be harmed, and our business and operating results could be adversely affected. Table of Contents If we fail to expand effectively in international markets, our revenue and our business will be harmed. We may not be able to monetize our products and services internationally as effectively as in the United States as a result of competition, advertiser demand, differences in the digital advertising market and digital advertising conventions, as well as differences in the way that users in different countries access or utilize our products and services.
Differences in the competitive landscape in international markets may impact our ability to monetize our products and services. For example, in South Korea we face intense competition from a messaging service offered by Kakao, which offers some of the same communication features as Twitter.
The existence of a well-established competitor in an international market may adversely affect our ability to increase our user base, attract advertisers and monetize our products in such market.
We may also experience differences in advertiser demand in international markets. For example, during times of political upheaval, advertisers may choose not to advertise on Twitter.
Certain international markets are also not as familiar with digital advertising in general, or in new forms of digital advertising such as our Promoted Products.
Further, we face challenges in providing certain advertising products, features or analytics in certain international markets, such as the European Union, due to government regulation. Our products and services may also be used differently abroad than in the United States. In particular, in certain international markets where Internet access is not as rapid or reliable as in the United States, users tend not to take advantage of certain features of our products and services, such as rich media included in Tweets.
Additionally, in certain emerging markets, such as India, many users access our products and services through feature phones with limited functionality, rather than through smartphones, our website or desktop applications. This limits our ability to deliver certain features to those users and may limit the ability of advertisers to deliver compelling advertisements to users in these markets which may result in reduced ad engagements which would adversely affect our business and operating results.
If our revenue from our international operations, and particularly from operations in the countries and regions on which we have focused our spending, does not exceed the expense of establishing and maintaining these operations, our business and operating results will suffer.
In addition, our user base may expand more rapidly in international regions where we are less successful in monetizing our products and services. As our user base continues to expand internationally, we will need to increase revenue from the activity generated by our international users in order to grow our business.
Our inability to successfully expand internationally could adversely affect our business, financial condition and operating results. We have a limited operating history in a new and unproven market for our platform, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
We have developed a global platform for public self-expression and conversation in real time, and the market for our products and services is relatively new and may not develop as expected, if at all. People who are not our users may not understand the value of our products and services and new users may initially find our product confusing. There may be a perception that our products and services are only useful to users who tweet, or to influential users with large audiences.
Convincing potential new users of the value of our products and services is critical to increasing our user base and to the success of our business. Table of Contents We have a limited operating history, and only began to generate revenue in and we started to sell our Promoted Products in , which makes it difficult to effectively assess our future prospects or forecast our future results.
You should consider our business and prospects in light of the risks and challenges we encounter or may encounter in this developing and rapidly evolving market. These risks and challenges include our ability to, among other things: If we fail to educate potential users and potential advertisers about the value of our products and services, if the market for our platform does not develop as we expect or if we fail to address the needs of this market, our business will be harmed.
We may not be able to successfully address these risks and challenges or others. Failure to adequately address these risks and challenges could harm our business and cause our operating results to suffer. We have incurred significant operating losses in the past, and we may not be able to achieve or subsequently maintain profitability. We believe that our future revenue growth will depend on, among other factors, our ability to attract new users, increase user engagement and ad engagement, increase our brand awareness, compete effectively, maximize our sales efforts, demonstrate a positive return on investment for advertisers, successfully develop new products and services and expand internationally.
Accordingly, you should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future performance. We also expect our costs to increase in future periods as we continue to expend substantial financial resources on: These investments may not result in increased revenue or growth in our business. In addition, we have granted stock options and RSUs to our employees.
RSUs granted to domestic employees before February and all RSUs granted to international employees, or the Pre RSUs, vest upon the satisfaction of both a service condition and a performance condition. The service condition for a majority of the Pre RSUs is satisfied over a period of four years. The performance condition will be satisfied on the earlier of i the date that is the earlier of x six months after the effective date of this offering or y March 8th of the calendar year following the effective date of this offering which we may elect to accelerate to February 15th ; and ii the date of a change in control.
As of June 30, , no stock-based compensation expense had been recognized for the Pre RSUs because a qualifying event as described above was not probable. In the quarter in which this offering is completed, we will begin recording stock-based compensation expense based on the grant-date fair value of the Pre RSUs using the accelerated attribution method, net of estimated forfeitures.
Following the completion of this offering, the stock-based compensation expense related to Pre RSUs and other outstanding equity awards will have a significant negative impact on our ability to achieve profitability on a GAAP basis in and If we are unable to generate adequate revenue growth and to manage our expenses, we may continue to incur significant losses in the future and may not be able to achieve or maintain profitability.
Our business depends on continued and unimpeded access to our products and services on the Internet by our users and advertisers. If we or our users experience disruptions in Internet service or if Internet service providers are able to block, degrade or charge for access to our products and services, we could incur additional expenses and the loss of users and advertisers. We depend on the ability of our users and advertisers to access the Internet. Currently, this access is provided by companies that have significant market power in the broadband and Internet access marketplace, including incumbent telephone companies, cable companies, mobile communications companies, government-owned service providers, device manufacturers and operating system providers, any of whom could take actions that degrade, disrupt or increase the cost of user access to our products or services, which would, in turn, negatively impact our business.
For example, access to Twitter is blocked in China. The adoption of any laws or regulations that adversely. Table of Contents affect the growth, popularity or use of the Internet, including laws or practices limiting Internet neutrality, could decrease the demand for, or the usage of, our products and services, increase our cost of doing business and adversely affect our operating results. We also rely on other companies to maintain reliable network systems that provide adequate speed, data capacity and security to us and our users.
As the Internet continues to experience growth in the number of users, frequency of use and amount of data transmitted, the Internet infrastructure that we and our users rely on may be unable to support the demands placed upon it. The failure of the Internet infrastructure that we or our users rely on, even for a short period of time, could undermine our operations and harm our operating results. Our new products, services and initiatives and changes to existing products, services and initiatives could fail to attract users and advertisers or generate revenue.
Our ability to increase the size and engagement of our user base, attract advertisers and generate revenue will depend in part on our ability to create successful new products and services, both independently and in conjunction with third parties.
We may introduce significant changes to our existing products and services or develop and introduce new and unproven products and services, including technologies with which we have little or no prior development or operating experience. For example, in , we introduced Vine, a mobile application that enables users to create and distribute videos that are up to six seconds in length, and Music, a mobile application that helps users discover new music and artists based on Twitter data.
If new or enhanced products or services fail to engage users and advertisers, we may fail to attract or retain users or to generate sufficient revenue or operating profit to justify our investments, and our business and operating results could be adversely affected.
In addition, we have launched and expect to continue to launch strategic initiatives, such as the Nielsen Twitter TV Rating, that do not directly generate revenue but which we believe will enhance our attractiveness to users and advertisers. In the future, we may invest in new products, services and initiatives to generate revenue, but there is no guarantee these approaches will be successful. We may not be successful in future efforts to generate revenue from our new products or services.
If our strategic initiatives do not enhance our ability to monetize our existing products and services or enable us to develop new approaches to monetization, we may not be able to maintain or grow our revenue or recover any associated development costs and our operating results could be adversely affected. Spam could diminish the user experience on our platform, which could damage our reputation and deter our current and potential users from using our products and services.
This includes posting large numbers of unsolicited mentions of a user, duplicate Tweets, misleading links e. Our terms of service also prohibit the creation of serial or bulk accounts, both manually or using automation, for disruptive or abusive purposes, such as to tweet spam or to artificially inflate the popularity of users seeking to promote themselves on Twitter.
Although we continue to invest resources to reduce spam on Twitter, we expect spammers will continue to seek ways to act inappropriately on our platform. In addition, we expect that increases in the number of users on our platform will result in increased efforts by spammers to misuse our platform.
We continuously combat spam, including by suspending or terminating accounts we believe to be spammers and launching algorithmic changes focused on curbing abusive activities. Our actions to combat spam require the diversion of significant time and focus of our engineering team from improving our products and services.
If spam increases on Twitter, this could hurt our reputation for delivering relevant content or reduce user growth and user engagement and result in continuing operational cost to us. Table of Contents If we fail to effectively manage our growth, our business and operating results could be harmed. We continue to experience rapid growth in our headcount and operations, which will continue to place significant demands on our management, operational and financial infrastructure.
We intend to continue to make substantial investments to expand our operations, research and development, sales and marketing and general and administrative organizations, as well as our international operations. We face significant competition for employees, particularly engineers, designers and product managers, from other Internet and high-growth companies, which include both publicly-traded and privately-held companies, and we may not be able to hire new employees quickly enough to meet our needs.
To attract highly skilled personnel, we have had to offer, and believe we will need to continue to offer, highly competitive compensation packages. In addition, as we have grown, we have significantly expanded our operating lease commitments.
As we continue to grow, we are subject to the risks of over-hiring, over-compensating our employees and over-expanding our operating infrastructure, and to the challenges of integrating, developing and motivating a rapidly growing employee base in various countries around the world. In addition, we may not be able to innovate or execute as quickly as a smaller, more efficient organization. If we fail to effectively manage our hiring needs and successfully integrate our new hires, our efficiency and ability to meet our forecasts and our employee morale, productivity and retention could suffer, and our business and operating results could be adversely affected.
Providing our products and services to our users is costly and we expect our expenses to continue to increase in the future as we broaden our user base and increase user engagement, as users increase the amount of content they contribute, and as we develop and implement new features, products and services that require more infrastructure, such as our mobile video product, Vine.
In addition, our operating expenses, such as our research and development expenses and sales and marketing expenses, have grown rapidly as we have expanded our business.
Historically, our costs have increased each year due to these factors and we expect to continue to incur increasing costs to support our anticipated future growth. We expect to continue to invest in our infrastructure in order to enable us to provide our products and services rapidly and reliably to users around the world, including in countries where we do not expect significant near-term monetization. Continued growth could also strain our ability to maintain reliable service levels for our users and advertisers, develop and improve our operational, financial, legal and management controls, and enhance our reporting systems and procedures.
As a public company we will incur significant legal, accounting and other expenses that we did not incur as a private company. Our expenses may grow faster than our revenue, and our expenses may be greater than we anticipate.
Managing our growth will require significant expenditures and allocation of valuable management resources. If we fail to achieve the necessary level of efficiency in our organization as it grows, our business, operating results and financial condition would be harmed.
Our business and operating results may be harmed by a disruption in our service, or by our failure to timely and effectively scale and adapt our existing technology and infrastructure. One of the reasons people come to Twitter is for real-time information. We have experienced, and may in the future experience, service disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes, human or software errors, hardware failure, capacity constraints due to an overwhelming number of people accessing our products and services simultaneously, computer viruses and denial of service or fraud or security attacks.
Although we are investing significantly to improve the capacity, capability and reliability of our infrastructure, we are not currently serving traffic equally through our co-located data centers that support our platform. Accordingly, in the event of a significant issue at the data center supporting most of our network traffic,. Table of Contents some of our products and services may become inaccessible to the public or the public may experience difficulties accessing our products and services.
For example, in July , due to the failure of two parallel systems at nearly the same time in one of our data centers, Twitter became inaccessible for approximately two hours. Any disruption or failure in our infrastructure could hinder our ability to handle existing or increased traffic on our platform, which could significantly harm our business. As the number of our users increases and our users generate more content, including photos and videos hosted by Twitter, we may be required to expand and adapt our technology and infrastructure to continue to reliably store, serve and analyze this content.
It may become increasingly difficult to maintain and improve the performance of our products and services, especially during peak usage times, as our products and services become more complex and our user traffic increases.
In addition, because we lease our data center facilities, we cannot be assured that we will be able to expand our data center infrastructure to meet user demand in a timely manner, or on favorable economic terms.
If our users are unable to access Twitter or we are not able to make information available rapidly on Twitter, users may seek other channels to obtain the information, and may not return to Twitter or use Twitter as often in the future, or at all.
This would negatively impact our ability to attract users and advertisers and increase engagement of our users. We expect to continue to make significant investments to maintain and improve the capacity, capability and reliability of our infrastructure.
To the extent that we do not effectively address capacity constraints, upgrade our systems as needed and continually develop our technology and infrastructure to accommodate actual and anticipated changes in technology, our business and operating results may be harmed. Action by governments to restrict access to our products and services or censor Twitter content could harm our business and operating results.
Governments have sought, and may in the future seek, to censor content available through our products and services, restrict access to our products and services from their country entirely or impose other restrictions that may affect the accessibility of our products and services for an extended period of time or indefinitely.
For example, domestic Internet service providers in China have blocked access to Twitter, and other countries, including Iran, Libya, Pakistan and Syria, have intermittently restricted access to Twitter, and we believe that access to Twitter has been blocked in these countries primarily for political reasons. In addition, governments in other countries may seek to restrict access to our products and services if they consider us to be in violation of their laws.
In the event that access to our products and services is restricted, in whole or in part, in one or more countries or our competitors are able to successfully penetrate geographic markets that we cannot access, our ability to retain or increase our user base and user engagement may be adversely affected, and our operating results may be harmed.
If we are unable to maintain and promote our brand, our business and operating results may be harmed. We believe that maintaining and promoting our brand is critical to expanding our base of users and advertisers.
Maintaining and promoting our brand will depend largely on our ability to continue to provide useful, reliable and innovative products and services, which we may not do successfully. We may introduce new features, products, services or terms of service that users, platform partners or advertisers do not like, which may negatively affect our brand. Additionally, the actions of platform partners may affect our brand if users do not have a positive experience using third-party applications or websites integrated with Twitter or that make use of Twitter content.
For example, in April , attackers obtained the credentials to the Twitter account of the Associated Press news service. The attackers posted an erroneous Tweet from the Associated Press account reporting that there had been explosions at the White House, triggering a stock market decline, and focusing media attention on our brand and security efforts.
Maintaining and enhancing our brand may require us to make substantial investments and these investments may not achieve the desired goals. If we fail to successfully promote and maintain our brand or if we incur excessive expenses in this effort, our business and operating results could be adversely affected. Negative publicity could adversely affect our business and operating results. We receive a high degree of media coverage around the world.
Negative publicity about our company, including about our product quality and reliability, changes to our products and services, privacy and security practices, litigation, regulatory activity, the actions of our users or user experience with our products and services, even if inaccurate, could adversely affect our reputation and the confidence in and the use of our products and services.
For example, service outages on Twitter typically result in widespread media reports. Such negative publicity could also have an adverse effect on the size, engagement and loyalty of our user base and result in decreased revenue, which could adversely affect our business and operating results.
Our future performance depends in part on support from platform partners and data partners. We believe user engagement with our products and services depends in part on the availability of applications and content generated by platform partners. Beginning in , we launched Twitter Cards, which allow platform partners to ensure that whenever they or any user tweets from their websites or applications, the Tweet will automatically include rich content like a photo, a video, a sound clip, an article summary or information about a product, and make it instantly accessible to any other user on Twitter.
Twitter Cards allow platform partners to create lightweight interactive applications to promote their content or their products. If platform partners focus their efforts on other platforms, the availability and quality of applications and content for our products and services may suffer. There is no assurance that platform partners will continue to develop and maintain applications and content for our products and services.
If platform partners cease to develop and maintain applications and content for our products and services, user engagement may decline. In addition, we generate revenue from licensing our historical and real-time data to third parties. If any of these relationships are terminated or not renewed, or if we are unable to enter into similar relationships in the future, our operating results could be adversely affected. We focus on product innovation and user engagement rather than short-term operating results.
We encourage employees to quickly develop and help us launch new and innovative features. We focus on improving the user experience for our products and services and on developing new and improved products and services for the advertisers on our platform.
We prioritize innovation and the experience for users and advertisers on our platform over short-term operating results. We frequently make product and service decisions that may reduce our short-term operating results if we believe that the decisions are consistent with our goals to improve the user experience and performance for advertisers, which we believe will improve our operating results over the long term.
These decisions may not be consistent with the short-term expectations of investors and may not produce the long-term benefits that we expect, in which case our user growth and user engagement, our relationships with advertisers and our business and operating results could be harmed.
In addition, our focus on the user experience may negatively impact our relationships with our existing or prospective advertisers. This could result in a loss of advertisers, which could harm our revenue and operating results. Table of Contents Our international operations are subject to increased challenges and risks.
We have offices around the world and our products and services are available in multiple languages. We expect to continue to expand our international operations in the future by opening offices in new jurisdictions and expanding our offerings in new languages. However, we have limited operating history outside the United States, and our ability to manage our business and conduct our operations internationally requires considerable management attention and resources and is subject to the particular challenges of supporting a rapidly growing business in an environment of multiple languages, cultures, customs, legal and regulatory systems, alternative dispute systems and commercial markets.
International expansion has required and will continue to require us to invest significant funds and other resources. Operating internationally subjects us to new risks and may increase risks that we currently face, including risks associated with: Bribery Act, including by our business partners;. If we are unable to manage the complexity of our global operations successfully, our business, financial condition and operating results could be adversely affected.
Table of Contents Our products and services may contain undetected software errors, which could harm our business and operating results. Our products and services incorporate complex software and we encourage employees to quickly develop and help us launch new and innovative features. Our software has contained, and may now or in the future contain, errors, bugs or vulnerabilities.
For example, we experienced a service outage in June during which Twitter service was inaccessible for approximately two hours as a result of a cascading software bug in one of our infrastructure components. Some errors in our software code may only be discovered after the product or service has been released. Any errors, bugs or vulnerabilities discovered in our code after release could result in damage to our reputation, loss of users, loss of platform partners, loss of advertisers or advertising revenue or liability for damages, any of which could adversely affect our business and operating results.
Our business is subject to complex and evolving U. These laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations or declines in user growth, user engagement or ad engagement, or otherwise harm our business. Diese Kennzahl steht für den Gewinn pro Aktie nach Steuern.
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Die durchschnittlichen jährlichen Wachstumsraten gelten für die Gewinne von heute bis Anzahl der Analysen 29 Starkes Analysteninteresse In den zurückliegenden sieben Wochen haben durchschnittlich 29 Analysten eine Schätzung des Gewinns pro Aktie für diesen Titel abgegeben.
Risikoanalyse Risiko Gesamt Risiko Gesamt: Die Kursentwicklung von Aktien ist grundsätzlich mit hohen Risiken behaftet und kann starken Schwankungen unterliegen — bis hin zu einem Totalverlust. Aufgrund des historischen Verhaltens werden hier die Aktien in verschiedene Risikostufen eingeteilt.
Diese Risikostufen verstehen sich ausschliesslich als relativer historischer Vergleichswert zu anderen Aktien. Es gibt drei verschiedene Risikoratings: Beide Risikowerte liegen unterhalb des Referenzwertes. Mindestens ein Risikowert liegt oberhalb des Referenzwertes, aber keiner der beiden Werte übersteigt den Durchschnitt um mehr als eine Standardabweichung.
Mindestens ein Risikowert liegt um mehr als die Standardabweichung über dem Referenzwert. Berücksichtigt werden ausschliesslich Phasen mit sich abwärts bewegenden Märkten während der letzten 52 Wochen.