Twitter, in Musk fight, posts surprising drop in revenue

Published July 22, 2022 6:28 AM

By KELVIN CHAN and MATT O’BRIEN
AP Business Writers

LONDON (AP) — Twitter is reporting a quarterly loss as revenue slipped even as user numbers climbed. The social media company’s latest quarterly earnings figures Friday offered a glimpse into how the social media business has performed during a months-long negotiation with billionaire Tesla CEO Elon Musk over whether he will take over the company. Twitter lost $270 million in the April-June period after revenue slipped 1% to $1.18 billion, reflecting ad industry headwinds and uncertainty” over Musk’s acquisition bid. The number of daily active users rose 16.6% to 237.8 million compared with the same period a year before.