Todd Spangler NY Digital EditorTwitter revenue for the June 2022 quarter came in short of Wall Street estimates — with the company in part blaming Elon Musk’s attempt to back out of his acquisition deal.
The social network also swung to a net loss in the period.Q2 revenue totaled $1.18 billion, down 1% year-over-year. That reflected “advertising industry headwinds associated with the macroenvironment” — as well as “uncertainty related to the pending acquisition of Twitter” by Musk, the company said.Twitter posted the results amid its legal battle with Elon Musk, in which Twitter is demanding that the world’s richest person make good on his $44 billion acquisition agreement.
A judge in the Delaware Court of Chancery set October for a trial in to hear Twitter’s case against Musk. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.Analysts expected Twitter to post $1.34 billion in revenue and adjusted earnings of 14 cents per share for Q2, according to financial data provider Refinitiv.Q2 average monetizable daily active users increased by 8.8 million sequentially, to 237.8 million, up 16.6% year over year.
Average U.S. mDAUs were 41.5 million for Q2, up 14.7% versus the year-earlier period.Twitter’s stock was down 2% in the premarket trading on the Q2 announcement, to under $39/share.
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