Todd Spangler NY Digital EditorTwitter, which this week accepted a deal to go private in a $44 billion sale to Elon Musk, reported income a touch lighter than Wall Street predicated in the first quarter of 2022.
But the social network blew away forecasts on earnings and user growth.Q1 revenue was $1.20 billion, up 16% year-over-year, reflecting “headwinds associated with the war in Ukraine,” according to Twitter.
Net income came in at $513 million, representing and diluted earnings per share of 61 cents.Twitter boosted daily average monetizable daily active usage — its proprietary metric it calls “mDAU” — to 229.0 million for Q1, up 16% versus Q1 in the prior year and a sequential net gain of 14.3 million.
Average US mDAU was 39.6 million for Q1, up 6.4% compared to Q1 of the prior year. Wall Street on average expected Twitter to report $1.22 billion in revenue and earnings of 3 cents per share, according to Refinitiv.
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