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Twitter Cites Elon Musk, Economic Conditions As Q2 Numbers Fall Short

Twittter swung to a loss in the June quarter and revenue was below Wall Street forecasts of Wall Street, reflecting advertising industry headwinds and uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.

It swung to a $270 million loss from a $66 million profit the year earlier. Revenue of $1.18 billion was down 1% year-over-year (or up  2% on a constant currently basis that excludes foreign exchange fluctuations).

And Twitter clocked 237.8 million MAUs, or monetizable daily active users, up 17% from last year’s quarter but a bit lower than anticipated as the company enters the ring with Elon Musk.

The June quarter numbers come two days after a judge set October for a five-day trail in a lawsuit the social media platform filed against the billionaire Tesla founder, who had agreed to buy it last spring but unilaterally terminated the deal early this month.

“Given the pending acquisition of Twitter by an affiliate of Elon Musk, we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance in conjunction with our second quarter 2022 earnings release,” said Twitter, so there won’t be any color around that.

But the ruling was a kind of victory as the Musk camp had been hoping to delay a trail until February in Delaware Chancery Court.

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