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Jul 24, 2022

Twitter adds more users but makes less money, blames Elon Musk

Posted by in categories: economics, Elon Musk

What just happened? In addition to suing Elon Musk, Twitter is also blaming the world’s richest man for its falling revenue. The platform saw its number of users increase in the second quarter of the year, but that hasn’t translated to a healthier bottom line, something it partly blames on the disruption caused by Musk bidding for the company before walking away.

Twitter’s Q2 2022 results show its second-quarter revenue was $1.18 billion, representing both a quarterly and yearly decline, albeit only slightly. However, its average monetizable daily active users (mDAUs) was up 16.6% compared to Q2 2021, reaching 237.8 million globally.

$1.18 billion is no small sum, but Twitter’s costs and expenses for the quarter totaled $1.52 billion, an increase of 31% year-over-year. It reported net losses of $270 million, $33 million of which was related to the “pending acquisition” of the company. Q2 2021 saw a net profit of $66 million.

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