USA: Twitter reported a quarterly loss on Friday as revenue slipped even as its number of users climbed.
The social media company’s latest quarterly earnings figures offered a glimpse into how the social media business has performed during a months-long negotiation with billionaire and Tesla chief executive Elon Musk over whether he will take over the company.
The company experienced a $270 million loss from April to June as revenue decreased 1% to $1.18 billion due to challenges facing the advertising market and "uncertainty" surrounding Mr. Musk's purchase proposal.
In comparison to the same time last year, there were 16.6% more daily active users, or 237.8 million people.
The advances were credited to "ongoing product improvements and worldwide debate around current events," according to Twitter.
Twitter's legal battle with Elon Musk to carry out his April promise to acquire the firm for $44 billion has overshadowed its most recent sales figures.
To close the agreement, Twitter last week sued Elon Musk, and now the two parties are preparing for a trial in October.
Twitter said that it would not hold its customary quarterly results conference call or publish a shareholder letter due to the impending purchase.
To get the latest news & information from www.indiansdaily.com click on the link and follow: Indian in Ireland | Accommodation |
.png)
The opinions posted here do not belong to 🔰www.indiansdaily.com. The author is solely responsible for the opinions.
As per the IT policy of the Central Government, insults against an individual, community, religion or country, defamatory and inflammatory remarks, obscene and vulgar language are punishable offenses. Legal action will be taken for such expressions of opinion.