Twitter blames Elon Musk and weak ad market for drop in revenue
The Twitter-Elon Musk saga is still on with an interesting court battle to follow. In the latest development, Twitter on Friday (July 22) blamed disappointing results on "headwinds," including the uncertainty over the multi-million dollar Twitterbuyout bid.
The legal battle started after Twitter sued Musk for breaching the $44 billion contract he had signed to buy the tech firm. Twitter has asked a Delaware court to order Musk to complete the merger at the agreed $54.20 per Twitter share.
The company reported that Twitter missed expectations with revenue of $1.18 billion, due to "advertising industry headwinds... as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk."
Jasmine Enberg, who is the principal analyst at research firm Insider Intelligence, said, "Twitter is now in the unenviable position of convincing advertisers that its ad business is solid regardless of how its court battle with Musk ends, and its Q2 earnings show that the platform has its work cut it out for it to do that."
According to Refinitiv IBES data, the advertising revenue rose just 2% to $1.08 billion. It missed Wall Street expectations of $1.22 billion.
On Friday, Twitter shares opened flat at $38.90. Twitter also reported that the number of "monetizable" daily active users increased by 8.8 million, less than expected by analysts, to 237.8 million. Monetizable daily active users are those who can be shown advertising.
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