Twitter Sales Miss Estimates Amid Takeover Battle With Musk
- Revenue fell 1%, the first annual decline since mid-pandemic
- Twitter added 8.8 million new users during the quarter
Photographer: David Paul Morris/Bloomberg
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Twitter Inc. reported disappointing second-quarter sales on Friday, another blow to a company that is already fighting a high-profile legal battle with Elon Musk over the fate of the social network.
Revenue fell 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totaled $1.18 billion in the quarter, which fell short of the $1.32 billion analysts estimated. The company said “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter” were factors in the disappointing results.