Twitter has attributed the reason for its sudden drop in quarterly revenue and a net loss to its ongoing battle to terminate the… Acquisition of Elon Musk It is worth $44 billion and doubles the digital market.
The findings come as Twitter sued Musk for retracting his bid to buy the company and is now preparing for a legal confrontation in a trial set to begin in October. Doubts about the deal alarmed advertisers on Twitter and caused chaos within the company.
According to Refinitiv IBES data, revenue rose only 2% to $1.08 billion, below Wall Street expectations of $1.22 billion, according to Archyde.com.
Total revenue for the second quarter of the year, which also includes revenue from subscriptions, was $1.18 billion, compared with $1.19 billion a year earlier. Analysts had expected revenue of $1.32 billion.
Twitter said its net loss was $270 million, or 35 cents a share, compared to a profit of $65.6 million, or 8 cents a share, a year earlier.