Twitter adds more users than expected amid Elon Musk’s takeover
The firm reported that daily active users increased to 229 million in the first quarter ending March 31, up from 199 million the previous year. Analysts had predicted 226.8 million daily active users on average.
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FollowTwitter Inc, which has agreed to sell itself to Elon Musk for $44 billion, said on Thursday that it attracted more users than Wall Street predicted in the first quarter, despite revenue falling slightly short of expectations. Given the anticipated takeover, the business also retracted its previously stated goals and outlook.
The firm reported that daily active users increased to 229 million in the first quarter ending March 31, up from 199 million the previous year. Analysts had predicted 226.8 million daily active users on average.
Twitter, which has been struggling to shake off a user base stagnation, has been attempting to enhance ad targeting and measurement, as well as experimenting e-commerce ad formats, while investing significantly on projects such as video commercials.
Musk has not said how he intends to "repair and improve" Twitter, although he has mentioned a subscription-based revenue model and a crackdown on bot accounts. According to Refinitiv IBES data, it posted revenue of $1.2 billion, compared to analysts' average forecast of $1.23 billion. Its net income increased to $513.3 million, or 61 cents per share, up from $68 million, or 8 cents per share, the previous year.
The stock of the San Francisco-based corporation increased roughly 0.7 percent in pre-market trade.
Also Read | Twitter’s new boss Elon Musk targets Coca-Cola, says he’ll buy it ‘to put cocaine back in’
Just days after buying social media giant Twitter, Tesla CEO Elon Musk announced his new target -- Coca Cola. Musk tweeted that he will buy the multinational beverage corporation ‘to put the cocaine back in’.
On April 4, the world’s richest man’s stake in the microblogging site became public. He was offered a board seat, which he declined on April 9. Five days later on April 14, the Tesla boss offered to buy Twitter for $43 billion in cash and take it private. The “best and final” offer was $54.20 a share.
Also Read | Elon Musk Twitter Takeover: 'Laws of India do not change depending upon who is the owner'
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