Twitter Revenue Fell, Partly due to Elon Musk

Twitter has released its Q2 2022 results. Revenue was down about 5% from the previous quarter and 1% from the corresponding period last year.

Analysts had expected Twitter to earn $1.32 billion for the second quarter. However, the company managed to get $1.08 billion from advertising, $101 million from subscriptions and so on.

The company said revenue fell due to ad industry headwinds and "uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk." The company also noted that $33 million was spent on the pending acquisition of the company.

Twitter's number of monetised daily active users (mDAUs) rose 16.6% year-on-year to 237.8 million.

Musk entered into an agreement to buy Twitter in April, and a month later the billionaire put the deal on hold to verify the company's bot data. Musk claimed that the social network appeared to have a huge number of spam/fake accounts. And in early July, the head of Tesla decided to terminate the $44 billion deal. However, Twitter wants to force Musk to close it.