Twitter to sell mobile ads company MoPub for $1.05 billion By Reuters

October 6, 2021 admin Stock News 0

© Reuters. FILE PHOTO: A Twitter logo is seen outside the company headquarters in San Francisco, California, U.S., January 11, 2021. REUTERS/Stephen Lam/File Photo

(Reuters) -Twitter Inc said on Wednesday it has agreed to sell mobile ads company MoPub to AppLovin Corp for $1.05 billion in cash.

MoPub, which generated about $188 million in annual revenue for Twitter (NYSE:) last year, allows companies to keep track of ad inventory in real time, similar to what Alphabet (NASDAQ:) Inc’s Google can do with DoubleClick.

The sale will allow Twitter to invest in “the core products that position it for long-term growth”, Twitter Chief Executive Officer Jack Dorsey said.

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