Twitter: Lawsuit against Musk weighs on Q2 results

Twitter announced, on Friday, lower results in the second quarter, contrary to expectations, the platform evoking the impact of an unfavorable context, due in particular to the uncertainty linked to its potential takeover by billionaire Elon Musk.

Thus, the turnover of Twitter fell to 1.18 billion dollars, against 1.19 billion dollars in the same period a year ago, a decrease of 0.8%. The group recorded losses of 270 million dollars, where it had posted a profit of 66 million dollars a year earlier. This represents a loss per share of 8 cents, while analysts expected a turnover of 1.32 billion dollars and a profit per share of 14 cents.

In a press release, Twitter explained that this decline is linked to headwinds in the advertising sector, to fears which weigh on the economic situation, but also to the uncertainty linked to its ongoing acquisition by Elon Musk.

On the other hand, the number of so-called monetizable daily active users, that is to say who can be exposed to advertising on the platform, increased by 8.8 million, less than expected by analysts, to reach 237.8 million. This is an increase of 16.6% over one year.

The action of Twitter stood at 39 dollars, down 1.32%, before the opening of the Exchange.

The Tesla boss was to buy the company for $44 billion, but the world’s richest man backed out of the plan, citing “false and misleading” information about the company.

Following this decision, the president of Twitter, Bret Taylor described as “invalid and unjustified” the withdrawal by Musk, while deciding to resort to justice to force the businessman to finalize the transaction. In this sense, the Delaware court has just announced that the first hearing of the trial will take place over five days next October.


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