Twitter has acknowledged that it incorrectly calculated video advertising metrics on its platform. The company is now issuing refunds for overbilling advertisers. The "technical error" reportedly affected Twitter's Android app and caused it to overcharge advertisers between November 7 and December 12.

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In a statement on its blog, Twitter said that it has since notified the affected advertisers and is "confident" that the bug has been resolved because it was not a policy or definition issue. Although it was not disclosed by the company, Business Insider reported that this bug inflated video ad metrics by as much as 35 percent.

Sources familiar with the matter said that while 35 percent appears to be a lot, many affected advertisers will likely be reimbursed even if the overbilled amount was one dollar, suggesting that this event may not have that large an impact. However, this is the first time the company has had to recalculate its ad metrics.

Twitter is not the first company to have made this kind of error. Fellow social media service giant Facebook repeatedly committed such mistakes this year, announcing that it had to readjust its metrics multiple times, including for its streaming reactions, estimated reach, Graph API,  video viewership and more.

The frequency at which social media services like Twitter and Facebook have been disclosing their errors have caused advertisers some major worries since they have been devoting huge budgets to marketing on these platforms, only to find out that there are discrepancies in reporting.

"We will continue to monitor our systems to proactively identify issues," Twitter said. Twitter said that it values its customers' trust in its service and will continue to provide support and transparency in the partnership.