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Twitter reported its Q2 results for CY22 wherein the company disclosed a massive net loss of $270 million.
The revenues for the quarter came in at $1.18 billion, down 1% YoY. Advertising revenue totaled $1.08 billion during the quarter, up 2% YoY, while subscription and other income declined 27% YoY to come in at $101 million.
The company cited macroeconomic headwinds and uncertainty related to the pending acquisition by Elon Musk, as the main factors for the revenue decline.
Kotak Mahindra Bank Q1 results are live, read now.
Total costs and expenses of the company grew 31% YoY to $1.52 billion, resulting in an operating loss of $344 million or an operating margin of -29%. The company mentioned two major expenses in its release: $19 million related to severance and $33 million as costs related to the pending acquisition of Twitter.
However, the average Monetizable Daily Active Usage (mDAU) came in at 237.8 million, up 16.6% YoY. The average US mDAU was 41.5 million, up 14.7% while the average International mDAU came in at 196.3 million, up 17%.
At a net loss of $270 million, the company had a net margin of -23%. The Diluted EPS of the company for the quarter was -0.35 per share. For the corresponding quarter last year, the company had a net income of $66 million, a net margin of 6%, and an EPS of $0.08 per share.
In its investor presentation, the company has clearly stated the acquisition by Elon Musk as a reason for the decline in its revenues and added expenses. It also stated that the expedited the company has filed for is set to start in October 2022.
The world's richest man was told by a user on Twitter about the same to which Musk simply tweeted, "I'm rubber, they're glue."
The stock closed at $39.84 per share on Friday. Today, the stock opened at $39.9 per share.
Article by Aman Agarwal.
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