Twitter announced its results for the April-June period. According to this, Twitter’s revenue in the second quarter of the year fell by 1 percent compared to the same period last year to $1.18 billion. The company had sales of $1.19 billion in the second quarter of 2021.
Loss of $270 million
The social media company, which reported net income of $65.6 million in the second quarter of last year, lost $270 million in the second quarter of this year. The company lost $0.35 per share in the second quarter.
The number of users increased
Meanwhile, Twitter’s average daily active user rose 16.6 percent to 237.8 million in the second quarter of this year compared to the same period last year.
Uncertainty negatively impacted
Uncertainty in the sales process was cited as one of the reasons for the decline in sales. The company’s statement said the revenue decline in the second quarter reflected opposing headwinds in the advertising industry due to the macroeconomic environment and uncertainty surrounding Elon Musk’s acquisition of Twitter.
Offer of $54.2 per share
The statement also explained that no financial guidance will be provided for the third quarter given the upcoming sale process.
Elon Musk, who previously bought a 9.2 percent stake in Twitter, said in a statement he released on March 14:
He was sued with a mask
The statement released on April 25 on Twitter reported that the agreement was reached to sell the company to Musk.
Musk announced on May 13 that the deal to buy social media company Twitter for around $44 billion has been put on indefinitely. In his post on his Twitter account, Elon Musk announced that the Twitter Consensus is indefinitely suspended because “expected details on calculating that spam and invalid accounts account for less than 5 percent of all users” are indefinitely suspended .
On July 8, it was reported that Musk had terminated the agreement to buy social media company Twitter due to violating multiple decisions.
Twitter is suing Musk for terminating the $44 billion purchase agreement.
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