This figure is worse than the estimates of industry analysts. According to a FactSet survey, the social media company lost $270 million or eight per cent per share in the April-June 2022 quarter. While ‘Wall Street’ expected a 14 per cent increase in the company’s stock.
“Twitter now has an acquirer who no longer wants it, it has a C.E.O. and a board who want to get rid of it, and an employee base who is caught in the middle,” said Mike Proulx, a research director at Forrester. “None of this is good for Twitter.”
Inflation has also driven down ad spending and this had a huge impact on Twitter’s quarterly revenue. This reduced the company’s income by one per cent to $1.18 billion. At the same time, the number of daily active users of the company has increased by 16.6 per cent to 23.78 million compared to the same a year ago.
Due to the cancellation of Elon Musk’s Twitter deal, he too seems to be in trouble now. After Elon Musk withdrew from the deal, the social media company filed a case against him in Delaware Court, on which the court said that both the parties, in this case, will go to trial in October.
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