Twitter Q2 Revenue Misses Wall Street Expectations by 11% Amid Elon Musk Debacle

thewrap.com:

and later back out of acquiring) the social media site.The San Francisco company said it took in $1.18 billion in revenue for the three months ended June 30, down 1% from the $1.19 billion in Q2 2021.

The total was 10.6% below the $1.32 billion forecast by Wall Street analysts, according to Yahoo Finance.Twitter posted a net loss of $270 million, or 35 cents per share, reversing a profit of $65.6 million, or 8 cents per share last year.

On an adjusted basis, the results came in at a loss of 8 cents per share, far short of the 14 cents per share profit analysts predicted.Twitter blamed the Tesla CEO in part for the revenue drop, stating that it reflected “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”It said advertising revenue rose 2% to 1.08 billion, while subscription and other revenue dove 27% to $101 million year over year.The advertising revenue slowdown echoed the results posted by Snapchat parent Snap Inc.

onThursday, which also fell short of Wall Street forecasts.One bright spot in the results was the 16.6% spike in monetizable daily active usage (mDAU), up to an average of 237.8 million across the quarter.