Twitter Sales Miss Estimates as Musk Poised to Take Control
- Revenue gain of 16% was still slowest pace in six quarters
- Daily Active Users rose, beating analysts’ estimates
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Twitter Inc., in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates, reflecting a slowdown in advertising.
Revenue rose to $1.2 billion in the first quarter, the social media company said on Thursday. That compared with the average forecast for $1.23 billion, according to data compiled by Bloomberg. The 16% gain in sales was the worst pace of growth in six quarters, and is in line with reports from Snap Inc. and Meta Platforms Inc., which are grappling with lower advertising spending due to issues with supply chains, inflation and the ongoing war in Ukraine.