Business

Twitter revenue reaches $1.2 billion and daily users increase to 229 million amid Elon Musk’s takeover

Twitter’s users also increased to 229 million days after the company agreed to be sold to the billionaire

April 29, 2022

Twitter releases March quarter figures, revenue rises to $1.2 billion

Twitter on Thursday reported an operating loss of $128 million on revenue of $1.2 billion and a net income of $513 million in the first quarter of this year, its last quarterly result before Musk takes over. Twitter also cancelled the earnings call with analysts “in light of the pending transaction”.

Twitter’s users also increased to 229 million days after the company agreed to be sold to the billionaire.

In the three months to March of this year, revenue rose 16 percent, and advertising revenue reached $1.11 billion, an increase of 23 percent.

The company, being acquired by Tesla CEO Elon Musk for $44 billion, said it now has 229 million average monetizable daily active usages (mDAU) in the March quarter, up 15.9 percent from the same period last year. The Twitter board accepted a $44 billion buyout offer from Musk earlier this week. The deal is expected to close later this year.

The company said in a statement, “Given the pending acquisition of Twitter by Elon Musk, we will not be providing any forward-looking guidance, and are withdrawing all previously provided goals and outlook,”

“As announced on April 25, we entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash. Upon completion of the transaction, Twitter will become a privately held company,” said the company.

Analysts are expecting Twitter to earn 5 cents per share on revenue of $1.23 billion, according to a poll by FactSet. Analysts are also forecasting that Twitter added 11 million daily active users compared with the last three months of 2021.

The electric car company Tesla, as well as SpaceX owner Elon Musk, says he plans to take Twitter private. If he does, the company will no longer be beholden to shareholders or publicly report its financial results, which have been mixed at best since the company went public in 2013.

[With Inputs from IANS]

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.