What happened now? In addition to filing a lawsuit against Elon Musk, Twitter is also blaming the richest man in the world for falling income. The platform saw a boost in users in the second quarter of the year, but that didn’t translate into healthier profits, which it blames in part on disruptions caused by Musk’s bet on the company before leaving.
Twitter Q2 2022 results show that its second-quarter revenue was $1.18 billion, representing both a quarterly and year-on-year decline, albeit a slight one. However, its average monetized daily active users (mDAU) grew by 16.6% compared to Q2 2021 to reach 237.8 million worldwide.
$1.18 billion is no small amount, but Twitter’s spending for the quarter was $1.52 billion, up 31% year-over-year. It reported a net loss of $270 million, of which $33 million was attributable to a “pending acquisition” of the company. The second quarter of 2021 was successful benefit in the amount of 66 million dollars.
Twitter says the fall in annual revenue was due to several factors, including the uncertainty around the company as a result of Musk’s bid, which has made Twitter less attractive to advertisers. It also points to the economic downturn and the shock to the advertising industry due to Apple limiting the scope of user tracking last year for the same reasons. cited by Snap due to weaker than expected second quarter results. Advertising sales grew by only 2%, but this was not enough.
Twitter said it would not be holding an earnings conference call, issuing a letter to shareholders, or issuing financial advice given the Musk situation.
The episode of Musk’s attempt to buy Twitter ended earlier this month over a longstanding question about how many fake accounts the site has. The company quickly filed a lawsuit, hoping to force the Tesla boss to either complete the deal or pay a very large sum of money.
Many believe the law is likely to be on Twitter’s side in this case, and that prediction was confirmed this week when a judge granted Twitter request for a fast track trial (five days) that will take place this year (October) instead of next.
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