Twitter profits slump after settling long-running lawsuit

Twitter lost more than half a billion dollars in the three months to September after it paid $809.5m to settle a long-running lawsuit. This sent Twitters shares up 3%.In September Twitter agreed to settle a class action with their shareholders dating back to 2016.The suit claimed Twitter misled investors about how many users were active on the platform each month as well as how frequently they viewed Twitter's timeline. Unlike its rival Snap, whose shares plunged 25% last week, Twitter was relatively insulated from Apple's privacy changes. Chief Financial Officer Ned Segal told a conference call with analysts that the platform is expanding its targeted advertising business, such as by introducing topics that users can follow on Twitter. The Apple privacy updates were rolled out broadly in June and prevent digital advertisers from tracking iPhone users without their consent.

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