Twitter (TWTR) earnings in the second quarter of 2022

Musk was supposed to be appointed to the Twitter board on Saturday, but the world’s richest man told the company the same day that he would not actually be taking a seat on the board.

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Twitter informed second-quarter earnings on Friday, which fell short of analyst estimates for earnings, revenue, and user growth.

Stock Twitter fell as much as 2% in pre-market trading.

Here are the key numbers:

  • Earnings per share: An adjusted loss of 8 cents compared to an expected gain of 14 cents, according to a survey of analysts by Refinitiv.
  • Income: $1.18 billion vs. $1.32 billion
  • Monetized Daily Active Users (mDAU): According to Refinitiv, 237.8 million versus an expected 238.08 million.

Twitter said revenue fell 1% year-on-year to $1.18 billion, lower than analysts’ forecast of $1.32 billion. The company partially blamed ad industry headwinds related to a more challenging macro environment, as well as “uncertainties surrounding the upcoming acquisition of Twitter affiliate Elon Musk,” for the drop in revenue.

Given Musk’s upcoming acquisition, Twitter said it would not be providing forward guidance for the third quarter. He also doesn’t hold a conference call with analysts to discuss earnings results.

Twitter said the costs associated with the acquisition were about $33 million in the second quarter.