The social media site said revenue rose 16 percent to $1.2 billion in the three months through March compared to the same period in 2021.
Twitter’s quarterly earnings, revenue and the number of daily users on its platform are rising, but its quarterly report, released days after agreeing to be sold to billionaire Elon Musk, offered scant detail about what it expects on the financial front for the The rest of the year. .
The social media company on Thursday reported net income of $513 million, or 61 cents a share, but that includes a large one-time gain from the sale of its MoPub business, clouding comparisons with the same period a year earlier.
Revenue rose 16 percent to $1.2 billion in the three months through March compared with the same period last year, though the company said the figure reflected “headwinds associated with the war in Ukraine,” without giving more details.
Twitter reported an average of 229 million daily active users in the quarter, about 14 million more than the 214.7 million daily users reviewed in the previous quarter.
The San Francisco company has canceled a conference call with industry executives and analysts that usually accompanies its results, so there will be little information on the company’s current financial situation.
“Given Elon Musk’s pending acquisition of Twitter, we will not provide any forward-looking guidance and are withdrawing all previously provided targets and outlooks,” Twitter said, in what could be one of its final earnings reports as a public company. before Musk acquires it.
Musk, who paid $54.20 for each outstanding Twitter share, did not speak publicly about his new company’s quarterly report, perhaps one of its last as a publicly traded entity.
Musk’s $44 billion deal to buy Twitter was announced earlier this week and is expected to close sometime this year. But before the deal is complete, shareholders will have a say, as will regulators in the US and in countries where Twitter does business. So far, though, few hurdles are expected, despite objections from some of Twitter’s own employees, along with users who worry about Musk’s stance on free speech and what it could mean for harassment. and hate speech on the platform.
Musk, who also runs the electric car company Tesla as well as SpaceX and other companies, has said he plans to take Twitter private. If he does, the company will no longer be beholden to shareholders or publicly report its financial results, which have been mixed at best since the company went public in 2013.
Twitter has struggled to post earnings consistently as a public company while generating lackluster revenue growth compared to the two dominant forces in digital advertising, Google and Facebook.
For one thing, going private could give Twitter more room to experiment while focusing less on short-term earnings and its share price. On the other hand, even the richest man in the world is likely to want the company to make money.
“I think there is nothing better for Twitter than Elon Musk buying it and ideally replacing the board, and also doubling down on investments in products and new sources of revenue generation,” John Meyer, a technology entrepreneur and investor, told The Associated Press News. agency earlier this week.