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Twitter (TWTR) posts Q1 earnings beat ahead of Elon Musk takeover
Twitter (TWTR) said that its user base grew 5.5% in Q1 as it posted an earnings beat in what could be the last public update ahead of Elon Musk’s takeover.
Twitter (TWTR) posted a Q1 earnings beat and said that its numbers of daily active users grew 5.5% in what is expected to be the social media platform’s last public report following Elon Musk’s recent $44bn takeover.
Twitter breezed past the Wall Street consensus for adjusted earnings, which rose to $0.61 per share, but group revenues of $1.2bn fell just short of the $1.225bn forecasts.
A 35% jump in expenses of $1.33bn didn’t help, but the company will be pleased that its total user base has increased to 229 million after 39.6 million people in the US joined during the quarter.
Twitter has been in the headlines consistently in recent weeks following Musk’s decision to buy a 9.2% stake in the company and then complete a sensational multi-billion deal to take it private earlier this week.
The disruption caused by that shock turn of events means that the social media site will not be offering financial guidance for the coming months.
Twitter’s top line grew by 15.4% in Q1 and it had previously targeted for around 21% to 25% revenue growth in Q2.
It also expects revenues to hit $7.5bn and for 315 million people to be using the service daily by next year.
Twitter shares are still trading ahead of Musk’s acquisition, and they rose early on before easing 0.021% lower to $48.61 by mid-morning in New York.
McDonald’s (MCD) also disclosed its report on Thursday and it was a solid one with earnings and revenue beats as it shrugged off its decision to suspend operations in Russia.
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