In full tussle with Elon Musk, Twitter reveals a disappointing second quarter

In the second quarter, Twitter saw its revenue decline 1% year on year to $1.2 billion. In addition, the platform conceded a net loss of $270 million between April and June.

Times are tough at Twitter. Since April 25, 2022 and the announcement of an agreement with Elon Musk to allow the American billionaire to get his hands on the social network for 44 billion dollars, the company has been faced with many twists and turns that have weighed on its financial results. . By adding to it a difficult international context with a feverish advertising market in the face of the war in Ukraine, this gives a harmful cocktail for Twitter and social networks, with the exception of TikTok which continues its rise to the top.


Twitter

Accessible on your computer or as a download for your smartphone, Twitter is the official application of the microblogging social network, find all the tweets on your mobile device.

  • Downloads:
    40
  • Release date :
    07/19/2022
  • Author :
    Twitter
  • Licence :
    Free License
  • Categories:

    Internet-Communications

  • Operating system :

    Android, Online service All Internet browsers, Windows, iOS iPhone / iPad

In the second quarter, which therefore includes the announcement of the takeover by Elon Musk, the microblogging site saw its turnover fall by 1% over one year, to $ 1.2 billion. While advertising revenue, which constitutes almost all of the American firm’s turnover, stagnated, with a slight increase of 2% over one year, revenue from subscriptions fell by 27%, to 101 million. dollars. Additionally, Twitter conceded a net loss of $270 million between April and June. Last year at the same period, the social network had recorded a profit of 66 million dollars. The difference is even more glaring with the first quarter of 2022, during which Twitter’s net profit was $513.3 million.

In terms of the number of active users called “monetizable”, that is to say who can be exposed to advertising on the platform, the latter did not meet analysts’ expectations. She announced that she had conquered 8.8 million more for a total of 237.8 million. As a reminder, Ned Segal, Twitter’s chief financial officer, indicated at the start of the year that the blue bird network was aiming for 315 million monetizable daily users and $7.5 billion in revenue by the end. of the year 2023. A goal that should be more or less impacted by the looming legal battle with Elon Musk.

Trial in October against Elon Musk

Twitter won a first victory by getting the trial against the boss of Tesla and SpaceX to be held over five days next October. As the bank loans obtained to carry out the acquisition remain valid until next April, according to Elon Musk’s lawyers, this would allow Twitter to compel the American billionaire to respect his acquisition agreement if justice decides in favor of the company. platform.

On July 8, 2022, Elon Musk decided to end his plan to buy Twitter, believing that the social network had not respected the commitments made in the acquisition agreement because of missing information on the number of fake accounts and spam. With the trial only scheduled for October, the third quarter is likely to be disappointing as well due to uncertainties surrounding the future of the platform.

Leave a Comment