Twitter’s second quarter results were well below expectations. A disappointment that the social network said was due to “headwinds” related to both the turbulence in the ad industry and the uncertainties stemming from a potential takeover by Elon Musk. The months of April-June actually correspond to the riot of the billionaire in the capital of the social network. A $44 billion purchase agreement was signed on April 25, but Tesla’s boss has since wanted to cancel it.
Twitter, which is trying to get the entrepreneur to honor its commitments, saw its quarterly revenue fall (-1%) to $1.18 billion over the year, according to a press release issued on Friday. These results were well below analysts’ expectations, which had forecast revenue to rise to $1.32 billion.
The social network also recorded a net loss of $270 million, compared to a profit of $65.6 million a year ago.
In an environment of tightening credit conditions and an economic slowdown, companies whose model is based entirely on advertising are suffering from shrinking advertiser budgets.
On Thursday, Snap got the social media ball rolling and posted a bigger-than-expected loss and lower-than-expected turnover, sending it down more than 30% before the Sotck open on Friday.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.