Posted BY: New York Post
Twitter reported a surprise decline in quarterly revenue on Friday — and partially blamed its ongoing battle with Elon Musk for the unexpectedly weak results.
The social media site reported $1.18 billion in revenue during the March through June quarter — a 1% year-over-year decline. Analysts had expected Twitter to post $1.34 billion in revenue, according to Refinitiv data.
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Twitter’s weak results come after Snapchat parent Snap Inc. posted weak results and declined to make a forecast on Wednesday, citing “incredibly challenging” conditions as advertisers cut back on spending. Snap shares tumbled 39% on Friday.
In a release, Twitter blamed “headwinds associated with the macro-environment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”