After a weeks-long process in which he first became the company’s largest shareholder, then attempted to purchase it all together, Elon Musk has finally acquired Twitter. Recently, For the first time since accepting a $44 billion buyout bid from Tesla CEO Elon Musk, the social media company is providing an update to investors.
Formal Buyout Bid For The Company For About $44 Billion: Know More!
In the first quarter of 2022, social media behemoth Twitter reported revenue growth of 16 percent to $1.2 billion, marking the business’s first update to investors after Tesla and SpaceX CEO Elon Musk announced a formal buyout bid for the company for about $44 billion.
On Thursday, Twitter announced a 23 percent increase in quarterly advertising revenue to $1.1 billion. The company’s primary subscription measure, monetizable daily active users, increased by 16 percent year over year to 229 million in the third quarter. This was higher than StreetAccount’s prediction of 226.9 million.
At the end of its most recent fourth-quarter earnings. Twitter had 217 million daily active users. Up from 211 million DAUs in the third quarter of 2021. Twitter also announced a net income of $513 million in the first quarter of 2022, compared to $68 million the year before.
This included a pretax gain of $970 million from the sale of MoPub for $1.05 billion, as well as an income tax gain.
Q4 Results Provided No Insight Into How Elon Musk Might Run Twitter
The quarterly results provided no insight into how Musk may operate Twitter. As a result of the imminent purchase. The firm has announced that it would no longer provide forward-looking guidance and will instead focus on its core business.,“withdrawing all previously provided goals and outlook.”
In early April, the Tesla CEO announced a 9.1% stake in Twitter. It was followed by a formal bid for the firm on April 21. Following Musk’s announcement of major funding, Twitter stepped into direct talks with Musk, which resulted in an agreement.
With so much on its plate, Twitter says the takeover bid, may yet fall through. It will be completed this year, subject to shareholder and regulatory clearance. In the midst of a deal that will turn Twitter into a private business, the social media company decided not to host a post-earnings analyst call on Thursday to discuss its results.
