Monday, August 8

Twitter loses 264 million and attributes the drop in its income to the uncertainty caused by Musk

Twitter, the company that owns the homonymous social network, registered in the second quarter of 2022 losses of 270 million dollars (264 million euros), compared to the net profit of 65 million dollars (64 million euros) recorded in the same period of 2021, as reported by the multinational.

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Twitter’s revenue between April and June totaled 1,176.6 million dollars (1,153 million euros), 1.1% less than a year earlier, something that the company attributes in part to “the uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”

The advertising revenue of the social network increased by 2.2% year-on-year, to 1,076 million dollars (1,054 million euros), while revenue from subscriptions fell by 26.3%, to 101 million dollars (99 million euros ) and international revenue fell 4% to 515 million dollars (505 million euros).

In this way, in the first half of 2022 the company obtained a net profit of 243.3 million dollars (238 million euros), 82% more than a year before, while revenues increased by 6.8%, up to 2,377.6 million dollars (2,330 million euros).

On the other hand, the company reported that in the second quarter the average monetizable daily active users (mDAU) reached 237.8 million, a figure that represents an increase of almost 9 million compared to the first three months of 2022 and 16.6% in one year.

Of the total monetizable active daily users, Twitter had 41.5 million in the United States at the end of the second quarter, compared to 39.6 million in the first quarter and 14.7% more than a year earlier, while at the international the annual increase was 17%, up to 196.3 million, compared to 189.4 in the first quarter.

Last Tuesday, Delaware Court of Chancery Judge Jude McCormick ruled that the trial for Elon Musk’s reversal in the purchase of Twitter be held in October, after the tycoon had requested to delay it to February in order to build a better defense of the case.

In this way, McCormick agreed with the company, which had asked to “accelerate” the trial, although it will not finally take place in September as Twitter’s legal team had initially defended.

On July 9, Elon Musk transferred to Twitter his resignation from the social network purchase contract after receiving no response from the company about the number of false accounts found on the platform, as well as the manner in which company to audit and suspend them.

In mid-May, the tycoon had already temporarily suspended the purchase of Twitter, agreed at the end of last April for some 44,000 million dollars (43,620 million euros), pending details that would support the company’s calculation that fake accounts make up less than five percent of users.

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