Twitter on Thursday reported an operating loss of $128 million on revenue of $1.2 billion and net income of $513 million in the first quarter of this year, its last quarterly result before Musk takes over.
The company, being acquired by Tesla CEO Elon Musk for $44 billion, said it now has 229 million average monetisable daily active usage (mDAU) in the March quarter, up 15.9 per cent from the same period last year.
“Given the pending acquisition of Twitter by Elon Musk, we will not be providing any forward looking guidance, and are withdrawing all previously provided goals and outlook,” the company said in a statement.
Twitter also cancelled the earnings call with analysts “in light of the pending transaction”.
Overall revenue was up 16 per cent year over year, with Twitter citing “headwinds associated with the war in Ukraine”.
Advertising revenue reached $1.11 billion, an increase of 23 per cent.
According to media reports, Twitter overstated the number of daily users, overcounting by up to 1.9 million users each quarter.
The Twitter board accepted a $44 billion buyout offer from Musk earlier this week. The deal is expected to close later this year.
“As announced on April 25, we entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash. Upon completion of the transaction, Twitter will become a privately held company,” said the company.