Twitter Quarterly Earnings: Revenue Rises To $1.2 Billion, Daily Active Users Grow 16 Per Cent

World's richest man and Tesla CEO Elon Musk acquired Twitter for $44 billion earlier this week

Based in San Francisco, Twitter clocked an average of 22.9 crore daily active users in the quarter. The figure is 16 per cent higher from last year. Image: Getty

Source : Getty

New Delhi: Days after Twitter agreed to be sold to Tesla CEO Elon Musk for $44 billion, the micro-blogging site on Thursday reported its quarterly earnings of $513 million, reported by AP.

The social media firm on Thursday said that its revenue jumped 16 per cent to $1.2 billion in the three months to March compared with the same period last year.

Based in San Francisco, the company clocked an average of 22.9 crore daily active users in the quarter. The figure is 16 per cent higher from last year.

The Twitter acquisition deal with SpaceX Founder Musk (50) is expected to close later this year.

After the results were declared, there would be no conference call with executives and industry analysts as Twitter has cancelled the event, according to the report.

The company is yet to report its first-quarter earnings before trading opens on Wall Street. Once it furnishes its report, the details regarding over the first three months of the year will be accessible.

According to market analysts, Twitter to earn 5 cents per share on revenue of $1.23 billion. According to their estimate, Twitter added 1.1 crore daily active users compared with the past three months of 2021.

The process of the acquisition is expected to be close sometime this year.

Earlier Musk has said that he plans to take Twitter private. If he does, the company will no longer be beholden to shareholders or publicly report its financial results, which have been mixed at best since the company went public in 2013.

Twitter has struggled consistently to post profits as a public company, while generating lackluster revenue growth compared to the two dominant forces in digital advertising, Google and Facebook.

The report said that if Twitter goes private it will have more room to experiment, while focusing less on short-term profit and its stock price. On the other hand, even the world's richest man is likely to want the company to make money.