A sign is pictured outside Twitter headquarters in San Francisco on Monday, April 25, 2022.
Twitter Revenue News: Twitter posted quarterly earnings of $513 million after it agreed to be sold to billionaire Elon Musk.
The social media company said on Thursday that revenue rose 16% to $1.2 billion in the three months to March compared to the same period last year.
Twitter, based in San Francisco, reported an average of 229 million daily active users in the quarter, up nearly 14 million from a revised 214.7 million daily users in the previous quarter.
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Twitter canceled a conference call with executives and industry analysts that usually accompanies its results, so it will have a little more insight into the company’s current financial state.
“Given the pending acquisition of Twitter by Elon Musk, we will not provide any forward-looking guidance, and are retracting all previously provided targets and perspectives,” the company said.
Musk’s $44 billion deal to buy Twitter was announced earlier this week and is expected to close later this year.
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Musk’s purchase of Twitter is expected to close sometime this year. But before the deal is complete, shareholders will have to weigh in on regulators in the US and the countries where Twitter does business. So far, however, some roadblocks are expected, despite objections from Twitter’s own employees as well as users who worry about Musk’s stance on free speech and its response to harassment and hate speech on the platform. may mean.
Musk, who runs electric car company Tesla as well as SpaceX and other ventures, says he plans to make Twitter private. If it does, the company will no longer turn to shareholders or publicly report its financial results, which are at best mixed since the company went public in 2013.
Twitter has consistently struggled to post a profit as a public company, generating weaker revenue growth than the two major forces in digital advertising, Google and Facebook.
On one hand, going private could give Twitter more room to experiment, while focusing less on short-term gains and its share price. On the other hand, even the richest man in the world wants the company to make money.
John Mayer, a technology entrepreneur and investor, previously told the Associated Press, “I think there’s nothing better for Twitter than buying it and ideally replacing the board and doubling down on the investment in products and new revenue-generating sources.” is.” This week.