- Messaging service, which agreed to be acquired in a $44 billion deal, says it has 229 million users
Twitter Inc.’s revenue rose 16% in the first quarter and its number of users increased, as the company prepares to be acquired by Elon Musk and go private.
In what may be one of its final earnings reports as a public company, Twitter said its daily user base rose to 229 million from 214.7 million in the December-ended quarter. Analysts polled by FactSet had expected a user count of about 226 million.
Twitter’s revenue rose to $1.2 billion in the first quarter from $1.04 billion a year earlier. Analysts had forecast revenue of $1.23 billion, according to FactSet.
Because of its pending sale to Mr. Musk, which was announced Monday, Twitter said it wouldn’t host a conference call with analysts to discuss the results.
Mr. Musk’s offer values Twitter at $44 billion, or $54.20 a share. Twitter shares rose 1% to $49.13 after the results were announced.
Twitter said Thursday that it was withdrawing all previously provided goals and outlook, and it wouldn’t provide any forward-looking guidance.
Before Mr. Musk’s courtship, Twitter had been working to achieve three main goals by the end of 2023: to surpass $7.5 billion in annual revenue, reach 315 million daily users and double the pace at which it produces new technology.
At an all-hands employee meeting late Monday, Chief Executive Parag Agrawal said no layoffs were planned and that the company’s priorities aren’t changing before the deal closes, according to a person who heard the remarks.
In the first quarter, Twitter reported earnings of $513 million, which included a pretax gain of $970 million from the sale of mobile ad company MoPub to AppLovin Corp.
Twitter said expenses in the quarter increased 35% and resulted in an operating loss of $128 million, compared with operating income of $52 million in the year-earlier quarter.
This story has been published from a wire agency feed without modifications to the text
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