Twitter reports quarterly revenue of $1.18 billion, a decline of 1% from the prior year which it attributes in part to 'uncertainty' related to battle with Elon Musk
The company on Friday reported revenue of $1.18 billion for the three months ending in June, a decline of 1% from the prior year. Twitter attributed the sales drop in part to"uncertainty" related to Musk's pending acquisition, which he is currently fighting to get out of.
The company's monetizable daily active users grew more than 16% on a yearly basis to 237.8 million during the quarter. However, Twitter posted a net loss of $270 million during the quarter, up from a profit of $66 million during the same quarter in the prior year. Read MoreThe results come after a judge this week ruled that Twitter's case against Musk would go to trial in October, an early win for the social media company, which had requested expedited proceedings.
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