Key points:
- Twitter reports earnings premarket Friday
- The company missed earnings and revenue expectations
- Shares declined as much as 4% premarket
Shares of Twitter are down 1.5% premarket following the company’s second-quarter earnings release, which saw it miss analyst earnings and revenue expectations.
The company, which may or may not be acquired by Tesla CEO Elon Musk, reported a loss per share of 8 cents on revenue of $1.18 billion. Analysts expected 14 cents per share on revenue of $1.33 billion.
Also Read: 10 Best Stock Traders To Follow on Twitter in 2022
Advertising revenue totaled $1.08 billion, rising 2%. Subscription and other revenue totaled $101 million. The social media giant’s second-quarter average monetizable daily active usage (mDAU) was 237.8 million, up 16.6% compared to Q2 of the prior year.
Twitter said that due to the impending acquisition of the company by Musk, it won’t be providing guidance or hosting an earnings call.
Whether that acquisition will actually go ahead is another question, with Musk attempting to pull out of the deal due to a disagreement regarding disclosing bot/fake account data.
Twitter shares fell around 4% soon after the report. This year they are down 10.8%.