I'm not going to spend a lot of time researching this.
This 2019 article says they cut costs/Vine and jumped to video ads which boosted revenue 24% which might explain why they were profitable in 2019.
https://www.cnn.com/2019/02/07/tech/twitter-earnings-q4/inde...
In 2018 there is mention of a "one-time release of deferred tax asset valuation allowance,” which accounted for $683 million [of income]".
https://www.vox.com/2018/10/25/18018046/twitter-q3-2018-earn...
OP's point stands in my opinion. Twitter was/is a flagging centralized service that may not survive if it doesn't pivot.