Twitter reported a quarterly loss Friday, with revenue slipping even as its number of users climbed.
The social media company's latest quarterly earnings figures offered a glimpse into how its business has performed during a months-long negotiation with billionaire and Tesla CEOThe company lost $270 million in the April-June period after revenue slipped 1% to $1.18 billion, reflecting advertising industry headwinds, as well as uncertainty" over Musk's acquisition bid.
"Overall we would characterize the DAU metrics as better than feared and holding up relatively firm in this environment," Wedbush analyst Dan Ives said in a note."When compared to the nightmare quarter of SNAP last night, it shows digital ad spending is not falling off a cliff like feared which is a positive for others in the space such as Facebook, Pinterest, and Google."
Given the pending acquisition, Twitter said it wouldn't hold its usual quarterly earnings conference call or issue a shareholder letter. The April-June fiscal quarter encompassed a tumultuous three months for Twitter, starting with the April 4 disclosure that Musk had acquired a huge stake in the company, paving the way for his takeover bid later that month. It didn't take long for the relationship to fray as Musk publicly tweeted his concerns about Twitter and its employees and signaled he was having second thoughts.
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