Financial Insights

Twitter Q1 results: Company manages to report profits

Twitter announced its first quarter results yesterday, days after the deal with the world’s richest man Mr. Elon Musk.

The company’s revenues reached $1.2 billion, growing 16% from last year. Advertising revenues alone accounted for $1.1 billion growing 23%. However, the company’s subscription and other revenues fell 31% YoY.

The company saw a 35% surge in costs as costs surpassed revenues and reached $1.33 billion, resulting in an operating loss of $128 million.

However, the company had an extraordinary gain of $970 million from the sale of it’s stake in MoPub. This enabled the company to have a net income of $513.3 million. The company also reported a 16% growth in its Daily Average Users to 229 million.

Ever since the deal went through, the company has been embroiled in issues such as people openly expressing their issue with Elon Musk’s acquisition. The share touched a high of $51.70 that day, but witnesses a decline in the past two days to reach $49.11 per share.

Highlight by Aman Agarwal.

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