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Twitter is calling for a fight with Elon Musk to justify its failure to grow

Shutdown for Twitter. After seven consecutive quarters in the green, the social network’s revenues fell 1% in April-June. The California-based company posted revenue of $1.18 billion on Friday, while analyst consensus had been betting on $1.32 billion, or a 10% increase… And net advertising revenue was up just 2%. Another disappointment, the social network posted a net loss of $270 million, compared to a profit of $65.6 million a year ago.

The announcement of these results was especially anticipated, as they cover the beginning of the series with twists and turns between the social network and Elon Musk. On April 5, the billionaire, to everyone’s surprise, became the first shareholder of Twitter. At the end of the month, the two parties signed a purchase agreement of 44 billion dollars. Since then, the entrepreneur wants to cancel the deal…

Source: Le Figaro

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