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Bloomberg
Twitter Inc reported disappointing second-quarter sales on Friday, another blow to a company that is already fighting a high-profile legal battle with Elon Musk over the fate of the social network.
Revenue falls 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totaled $1.18 billion in the quarter, which fell short of the $1.32 billion analysts estimated. The company said “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter†were factors in the disappointing results.
Twitter added 8.8 million new users during the quarter, in line with analysts’ estimates.
It’s unclear how much Friday’s earnings report truly means to investors while the company’s fate remains in limbo. Until two weeks ago, Twitter was set to sell the company to Musk for $54.20 per share, making its financial reports little more than a formality as it awaited the deal to close.
But Musk tried to back out of the deal on July 8, claiming Twitter hasn’t been forthcoming with information on the number of fake accounts running
rampant on the site.