Twitter blames Musk, weak ad market for drop in revenue

The results come as Twitter has sued Musk for dropping his offer to buy the company, and is now preparing for a legal showdown in a trial set to begin in October.

DT NEXT Bureau

Updated:23rd Jul, 2022 at 12:54 PM

SAN FRANCISCO: Twitter Inc on Friday blamed its ongoing battle to close its $44-billion acquisition by Elon Musk and a weakening digital advertising market for a surprise fall in quarterly revenue and a net loss. The results come as Twitter has sued Musk for dropping his offer to buy the company, and is now preparing for a legal showdown in a trial set to begin in October.

The deal uncertainty has worried Twitter’s advertisers and caused chaos inside the company. Advertising revenue rose just 2% to $1.08 billion, missing Wall Street expectations of $1.22 billion, as per Refinitiv IBES data. Total second-quarter revenue, which also includes revenue from subscriptions, was $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion.

Twitter blames Musk, weak ad market for drop in revenue

The results come as Twitter has sued Musk for dropping his offer to buy the company, and is now preparing for a legal showdown in a trial set to begin in October.

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