It’s been a rough quarter for Twitter (NYSE:TWTR), as evidenced by Friday’s morning financial figures.
The earnings for the second quarter on Friday missed analyst estimates on earnings, revenue and user growth.
Earnings per share came in at a loss of eight cents, adjusted, vs expected earnings of 14 cents. Revenue proved to be $1.18 billion compared with the $1.32 billion projected.
Monetizable Daily Active Users registered 237.8 million vs 238.08 million expected.
Twitter said revenue slid 1% year-over-year to $1.18 billion, which fell short of analysts’ projected $1.32 billion.
The company partially blamed the revenue drop on ad industry headwinds tied to the broader challenging macroeconomic environment, as well as “uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”
Given the pending acquisition by Musk, Twitter said it will not provide forward-looking guidance for the third quarter. It’s also not hosting a conference call with analysts to discuss the earnings results.
Twitter said costs related to the acquisition were approximately $33 million in Q2.
Twitter is currently locked in a legal battle with Musk over his proposed $44-billion acquisition of the company. The Tesla (NASDAQ:TSLA) CEO has tried to back out of the deal by claiming Twitter underreported the number of spam and fraud accounts on the platform, and failed to provide information he requested about fake accounts.
TWTR shares eked ahead five cents to $39.56.