Thursday, 18 August, 2022

Twitter critical of Musk

Micro blogging platform Twitter Inc blamed uncertainties related to its $44 billion acquisition by Elon Musk and a weakening digital ad market for a surprise fall in quarterly revenue

Twitter, which has sued Musk for dropping his offer to buy the company, said advertising revenue rose just 2 percent to $1.08 billion, reports Reuters.

It reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion, according to Refinitiv IBES data. Twitter shares were down 3 percent in trading before the bell.

The company's results come after Snapchat posted weak results and declined to make a forecast, citing "incredibly challenging" conditions as advertisers cut back on spending. Twitter and its peers, including Snap and Alphabet, saw an uptick in revenue last year as brands spent online.