Twitter spent $33 million on Elon Musk’s proposed deal to buy the firm between April and June 2022. The company also said that its monthly daily users had increased to 237 million, but that it had a net loss of $270 million, which was worse than expected. Mr Musk has since rescinded his offer to purchase Twitter, and a court date has been set for October in order to force through the sale. Twitter is seeking a $1bn termination fee in the event of the sale not going through. Twitter declined to provide financial information, citing the pending acquisition as the reason. The report covers the period from April to June 2022. Twitter has reaffirmed its stance that there are a lot of spam and fake accounts on the platform – the main reason why Elon Musk terminated the deal he made with the company.
We have reviewed a sample of accounts, and we estimate that the average number of false or spam accounts during the second quarter of 2022 was less than 5% of our monthly active users during that quarter. In 2021, Twitter’s revenue was $5 billion, but in the last twelve months its share price has fallen by 45%.
Analyst Mike Proulx from the firm Forrester said that Twitter is in a transitional period and may not be as successful as its peers. Twitter is currently facing an acquirer who no longer wants it, a CEO and board who want to get rid of it, and an employee base which is caught in the middle of it all. Twitter is the real victim in all of this drama. Snap Inc. (SNAP) reported revenue of $1.11 billion for the three months ending June, compared to analyst expectations of $1.14 billion. The shares of the company dropped by more than 25% after the news.
The company said some of its advertisers had reduced their spending, as the costs of doing business continue to increase. Also, affected by changes made by Apple last year, iPhone and iPad users can now opt out of tracking by the app. This has affected the personalization of ads. This is a very valuable service for tech companies. Other online activities of the user It will disappear, and your ad will be adjusted accordingly. Twitter said its ad revenue increased just 2% to $1.08 billion. Next week, Alphabet (meta and Google’s parent company) is expected to report its earnings.
