Social media firm says 1% decline for three months to 30 June reflects uncertainty over acquisition bid
Twitter has blamed a drop in revenue on uncertainty around Elon Musk’sThe social media company said revenue for the three months to 30 June was $1.18bn , a decline of 1% on the same period last year, which it said reflected “advertising industry headwinds associated with the macroenvironment” as well as “uncertainty related to the pending acquisition of Twitter” by the Tesla chief executive.
Advertising accounts for 90% of Twitter’s revenue, with just over half of the company’s advertising income coming from the US. On ThursdayMonetisable daily active users on Twitter, a metric closely watched by investors that measures users who see advertising on the platform, grew 16% to 237.8 million, but missed analyst expectations of 238.7 million.
Musk’s $44bn bid overshadowed the results, with Twitter deciding not to put forward executives for a results conference call due to the takeover situation.
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