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Twitter increased its income in Spain by 14% in 2021 | Economy

Twitter Logo.
Twitter Logo.DADO RUVIC (REUTERS)

Twitter closed its 2021 financial year with revenues of 5.3 million euros, 14.1% more than in 2020, when it reached a turnover of 4.6 million, according to the accounts deposited by the company in the Mercantile Registry . The figure, however, does not reflect the real turnover of the social network originating in Spain, since, like other large American technology companies, it invoices all its advertising services, its main business, from Ireland to pay less taxes.

Twitter Spain, which acts as a provider of marketing, advertising and business development services for its parent Twitter International Company, based in Dublin, increased its net profit by 6.8% to 267,812. Despite this, the company paid 125,700 euros for corporation tax last year, 34% more compared to the 94,010 euros it had paid the previous year, due to back taxes.

As reported by Twitter Spain, as of December 31, the company had the taxes to which it has been subject since 2017 open to tax inspection. However, in the opinion of its sole administrator (Twitter International) and its tax advisors, the possibility of that “significant outflows of additional resources materialize” as a consequence of this situation is “remote”.

During 2019, the social platform increased its operating profit (ebit) by 14.7%, which amounted to 405,946 euros. Twitter Spain registered a workforce in 2021 of 33 people, compared to 22 the previous year. The financial result of the firm was again negative, going from 8,408 euros in 2020 to 12,433 euros in 2021.

Twitter replaced its top manager at the helm of the Spanish subsidiary in July last year. The company put Javier Pagán in charge of its business in the country after the surprise departure in February of that year of Nathalie Piquot, who held the position of country manager of Twitter Spain for three years. Pagán is an expert in digital strategy and media advertising in Spain and international markets, and has extensive experience in this sector. He has worked for companies such as Amazon, Prisa, Vocento and Softonic, among others.

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