Twitter blames Elon Musk for $270 mn loss in Q2 results


San Francisco, Jul 22 (IANS): Twitter on Friday said it posted $270 million net loss in the second quarter (Q2), largely owing to uncertainty related to the pending acquisition by Tesla CEO Elon Musk that adversely hit its advertising business.

Musk has terminated the $44 billion Twitter deal over the presence of bots on the platform and Twitter has sued him for cancelling the deal, with the trial now set for October in a US court.

In its Q2 earnings, Twitter said that its Q2 revenue totaled $1.18 billion, a decrease of 1 per cent year-over-year, "reflecting advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Musk".

When excluding MoPub and MoPub Acquire, year-over-year growth was 3 per cent, it added.

Twitter's ad revenue totaled $1.08 billion, and subscription and other revenue totalled $101 million.

The Q2 average monetizable daily active usage (mDAU) was 237.8 million, up 16.6 per cent compared to Q2 of the prior year.

The increase was driven by ongoing product improvements and global conversation around current events, said Twitter.

The company said that given the pending acquisition of Twitter by Musk, "we will not host an earnings conference call, issue a shareholder letter, or provide financial guidancea.

 

  

Top Stories


Leave a Comment

Title: Twitter blames Elon Musk for $270 mn loss in Q2 results



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.