Twitter’s newly released second quarter financial results show the social media giant’s revenue shrinking over the year and its net losses at a bigger-than-expected $270 million, with the company blaming its poor performance in part on Elon Musk.
Revenue shrank 1 percent year-over-year in the second quarter to $1.18 billion, Twitter said in a July 22 statement, while a Refinitiv survey of analysts expected $1.32 billion.
Twitter’s advertising revenue rose just 2 percent to $1.08 billion, missing analysts’ expectations of $1.22 billion, according to Refinitiv IBES data.
The company also reported an operating loss of $344 million and a net loss of $270 million.
Twitter laid the blame for the disappointing numbers on “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”…