Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae6 hours ago
Twitter Inc on Friday blamed its ongoing battle to close its $44-billion acquisition by Elon Musk and a weakening digital advertising market for a surprise fall in quarterly revenue and a net loss.
The results come as Twitter has sued Musk for dropping his offer to buy the company, and is now preparing for a legal showdown in a trial set to begin in October. The deal uncertainty has worried Twitter's advertisers and caused chaos inside the company.
Advertising revenue rose just 2% to $1.08 billion, missing Wall Street expectations of $1.22 billion, according to Refinitiv IBES data.
Total second-quarter revenue, which also includes revenue from subscriptions, was $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion.
"Twitter is now in the unenviable position of convincing advertisers that its ad business is solid regardless of how its court battle with Musk ends, and its Q2 earnings show that the platform has its work cut it out for it to do that," said Jasmine Enberg, principal analyst at research firm Insider Intelligence.
Twitter shares were down 1.8% in trading before the bell.
Twitter said its net loss was $270 million, or 35 cents per share, versus a profit of $65.6 million, or 8 cents per share, a year earlier.
Its adjusted 8-cent loss missed expectations for a 14-cent adjusted profit.
Monetizable daily active users, a metric closely watched by investors and measures users who see advertising on Twitter, grew 16% to 237.8 million, but missed analyst expectations of 238.7 million.
The San Francisco-based company said bot and spam accounts represented fewer than 5% of users during the quarter, a figure it has repeated since 2013.
Musk has seized on the proportion of bot and spam accounts as his reason for backing out of the deal, accusing Twitter of withholding information on the true number of such accounts on the service.
The company's costs and expenses jumped 31%. Expenses related to the Musk deal totaled $33 million during the quarter, and also recorded $19 million in severance-related costs.
Inflation pressures and fears of a recession this year have forced some advertisers to slash their marketing budgets.
On Thursday, Snapchat parent Snap Inc posted weak revenue growth and declined to make a forecast, citing "incredibly challenging" conditions as advertisers cut back on spending.
Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae6 hours ago
10 lucky fans will have the once-in-a-lifetime chance to meet the eight-division world champion
uae attractions7 hours ago
ASAS 2024 brought together over 1,000 young talents from 50 nationalities under the theme 'Art and Innovation'
kt network8 hours ago
While President-elect Trump's administration originally filed the search case against Google during his first term, he indicated he might not break up the company
tech8 hours ago
The gathering explored the cutting edge of cinema, new media, PR and marketing, IT technologies, eSports, and game development
kt network8 hours ago
Passengers were currently being prevented from entering the building
world8 hours ago
Users will be able to select transcript language, too; here's how the new smart tool works
tech8 hours ago
With the new tariff, Yango Ride users can expect comfortable, modern limo vehicles starting from a minimum fare of Dh15.6
kt network9 hours ago