Twitter’s profit miss, but there’s a silver lining

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Elon Musk’s Twitter deal: Elon Musk has taken over Twitter in a $44 billion cash deal.

New York:

Twitter released mixed first-quarter results on Thursday, with revenue missing estimates but active users growing, three days after agreeing to be acquired by Elon Musk.

The microblogging platform posted profits of $513.3 million, more than seven times the level a year earlier, following a one-time gain from a divestiture. Revenue rose 16% to $1.2 billion, slightly below the $1.22 billion expected by analysts.

The number of active Twitter users rose to 229 million, slightly above analysts’ expectations.

The results are expected to be among Twitter’s final earnings reports following the deal with Musk, which is expected to close in 2022. Following the deal, Twitter canceled its quarterly earnings conference call with shareholders. analysts.

On Monday, Tesla Chief Executive Musk announced an agreement to acquire Twitter for $44 billion at $54.20 per share in cash.

Twitter initially resisted Musk’s efforts, but abruptly changed course after the brash entrepreneur lined up billions of dollars in funding from major banks to supplement the contribution from his personal fortune.

On Thursday, Musk attacked Twitter legal counsel Vijaya Gadde, who led anti-bullying efforts, drawing criticism from women’s groups, the former Twitter CEO and others.

Shares of Twitter rose 0.9% to $49.10 in premarket trading.

But it is below the trade price and also below the $51.70 level on Monday after the deal.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


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