Twitter reports loss in 2Q22 and blames Elon Musk for result

Twitter reports loss in 2Q22 and blames Elon Musk for result

O Twitter (TWTR34) released this Friday, 22, the results of the second quarter of 2022.

Twitter reversed the net profit of US$65.64 million recorded between April and June 2021 and recorded a loss of US$270.00 million.

In the first half, however, the social network managed to make a profit of US$ 243.27 million, against the US$ 133.6 million registered between January and June 2021.

THE revenue fell 1% year-on-year, from $1.32 billion in Q2 2021 to $1.18 billion in Q1 2021.

The company pointed out that the drop in revenue was provoked by “advertising industry headwinds linked to the broader challenging macroeconomic environment” as well as “uncertainty related to the pending acquisition of Twitter by a subsidiary of Elon Musk”.

In the semester, the invoicing was US$ 2.37 billion, up from the US$ 2.22 billion recorded in the same period last year.

You costs and expenses totaled US$ 1.52 billion, an increase of 31% in the annual comparison.

O operating loss was US$ 344 million, representing a Operating margin of -29% compared to operating income of $30 million and operating margin of 3% recorded in the same period last year. •

Twitter (TWTR34) considers the deal with Musk valid

In the results report, the twitter stressed that he considers the agreement signed with Elon Musk for the sale of all the company’s shares as still in force, and announced that it will continue the process started on July 12 against the CEO gives Tesla (TSLA34).

“Twitter believes Musk’s alleged termination is invalid and unfair, and the Fusion remains in force”, informed the social network in the document deposited at the Security and Exchange Commission (SEC)the United States Securities and Exchange Commission.

Twitter is locked in a legal battle with Musk over his proposed acquisition of $44 billion from the company, alleging that the billionaire “refuses to honor its obligations to Twitter and its shareholders because the agreement he signed no longer serves his personal interests.”

Tesla’s CEO tried to back out of the deal alleging that Twitter did not correctly report the number of fake accounts present on the platform and did not provide requested information about fake accounts.

On Tuesday, the twitter won a preliminary victory when the Delaware Court decided to grant the request for a five-day expedited trial on the case, which will be held in October.

After publishing the results, the twitter drops 3.67% in premarket trading on Nasdaq.

Source: Exam

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