Meanwhile, Twitter's ad revenue climbed 87% year over year to $1.05 billion.
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Key updates include the addition of Shops on WhatsApp and visual search on Instagram.
The service, launching first in Canada and Australia, is Twitter's first attempt at diversifying its revenue streams with a subscription business model.
The board also found that Facebook violated its own rules by imposing an indefinite suspension.
According to Twitter, monetizable daily active users were 199 million in the first quarter, up from 166 million a year ago.
Facebook CFO David Wehner said the company expects to face "more significant ad targeting headwinds in 2021," including the impact of iOS 14 and regulatory developments in Europe.
Facebook's Oversight Board will now have the ultimate say on whether the permanent suspension of the former president's accounts should be upheld.