Microblogging and social networking service company Twitter, Inc. (TWTR) recently announced that it has entered into a definitive agreement to sell its mobile ad unit, MoPub, to marketing software company AppLovin Corporation for $1.05 billion in cash. Following the news, shares of the company appreciated almost 2% to close at $62.50 in extended trade on Wednesday. With this sale, Twitter is looking to develop its own products and accelerate growth by focusing on key areas of its service, including performance-based advertising, small and medium-sized business offerings and commerce initiatives. Notably, MoPub generated revenue of $188 million in 2020.
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Twitter (NYSE:TWTR)
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