Twitter, on Friday, attributed the reason for its sudden drop in quarterly revenue and incurred a net loss to its ongoing battle to wind down an acquisition Elon Musk It is worth $44 billion and doubles the digital market.
According to Refinitiv IBES data, ad revenue rose just 2% to $1.08 billion, less than Wall Street forecast of $1.22 billion.
The total revenue for the second quarter of the year, which also includes revenue from subscriptions, amounted to $1.18 billion, compared to $1.19 billion in the previous year. Analysts had expected revenue of $1.32 billion, according to Archyde.com.
270 million dollars
share stabilized Twitter At $38.90 in early trading on Friday.
The company also indicated that its net loss amounted to $270 million, or 35 cents per share, compared to earnings of $65.6 million, or 8 cents per share, a year earlier.
lawsuit
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 regarding the deal alarmed advertisers on Twitter and caused chaos within the company.
