Twitter Inc on Thursday, April 28, reported revenue and ad sales that fell short of expectations and were depressed by the ongoing war in Ukraine, laying out the challenges billionaire Elon Musk will face if he takes over the social media company.
“Elon Musk is buying Twitter at a time when the company is struggling to attract new users following the pandemic-driven surge,” said Haris Anwar, senior analyst at Investing.com. “We think macro issues will take further away from its previously-stated 2023 goals,” said Angelo Zino, analyst at CFRA Research. “We believe results along with ongoing ad related industry headwinds solidify the Board’s decision to approve the Musk offer, as we see little reason to believe could extract greater shareholder value remaining public.”
Daily active users on Twitter rose to 229 million in the first quarter ended March 31, from 199 million a year earlier. The average analyst expectation was 226.8 million. Given the pending acquisition, Twitter said it would not provide any forward looking guidance and was withdrawing all previous goals and outlook. The company last year announced it aimed to double annual revenue and grow to 315 million users by 2023, as former CEO Jack Dorsey aimed to signal a reset on years of product stagnation.
10 million of those new users are BBM trolls.
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