The social media web site stated income rose 16 p.c to $1.2bn within the three months to March in contrast with the identical time in 2021.
Twitter’s quarterly revenue, income and the variety of day by day customers on its platform are rising however its quarterly report, launched days after agreeing to be offered to billionaire Elon Musk, supplied scant particulars about what it expects on the monetary entrance for the remainder of the yr.
The social media firm on Thursday reported internet earnings of $513m, or 61 cents a share, however that features a massive one-time achieve from the sale of its MoPub enterprise, clouding comparisons with the year-ago interval.
Income rose 16 p.c to $1.2bn within the three months to March in contrast with the identical interval final yr, although the corporate stated the determine mirrored “headwinds related to the struggle in Ukraine,” with out elaborating.
Twitter reported a mean of 229 million day by day lively customers within the quarter, which was about 14 million greater than a revised 214.7 million day by day customers within the earlier quarter.
The San Francisco firm cancelled a convention name with executives and trade analysts that normally accompanies its outcomes, so there can be little additional perception into the corporate’s present monetary situation.
“Given the pending acquisition of Twitter by Elon Musk, we is not going to be offering any forward-looking steerage, and are withdrawing all beforehand offered targets and outlook,” Twitter stated, in what may very well be considered one of its closing earnings studies as a public firm earlier than Musk acquires it.
Musk, who paid $54.20 for every excellent share of Twitter, didn’t communicate publicly on the quarterly report from his new firm, maybe amongst its final as a publicly traded entity.
Musk’s $44bn deal to purchase Twitter was introduced earlier this week and is anticipated to shut someday this yr. However earlier than the deal is accomplished, shareholders must weigh in, in addition to regulators within the US and in international locations the place Twitter does enterprise. To date although, few hurdles are anticipated, regardless of objections from a few of Twitter’s personal workers, together with customers who fear about Musk’s stance on free speech and what it would imply for harassment and hate speech on the platform.
Musk, who additionally runs the electrical automotive firm Tesla, in addition to SpaceX and different ventures, has stated he plans to take Twitter personal. If he does, the corporate will now not be beholden to shareholders or publicly report its monetary outcomes, which have been blended at greatest for the reason that firm went public in 2013.
Twitter has struggled to constantly put up income as a public firm whereas producing lacklustre income progress in contrast with the 2 dominant forces in digital promoting, Google and Fb.
On one hand, going personal might give Twitter extra room to experiment whereas focusing much less on short-term revenue and its inventory worth. Alternatively, even the world’s richest man is prone to need the corporate to generate income.
“I feel there may be nothing higher for Twitter than Elon Musk shopping for it and ideally changing the board, and likewise doubling down on investments into merchandise and new revenue-generating sources,” John Meyer, a know-how entrepreneur and investor, advised The Related Press information company earlier this week.