Twitter Reports $1.2 Billion Revenue for the First Quarter

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Twitter Reports $1.2 Billion Revenue for the First Quarter
29 Apr 2022
min read

News Synopsis

Twitter reported its first-quarter 2022 revenue in one of its last public company reports after the board agreed to sell it to Elon Musk for $44 billion.

Twitter has missed analysts' earnings forecasts, reporting 1.2 billion, compared to analysts' expectations of 1.23 billion. However, while the earnings per share estimate was 4 cents higher on an adjusted basis, the forecast was expected to be 3 cents.

According to the company, the 229 million mDAU reported this quarter was an increase of 15.9% compared to the same period last year. In the United States, mDAU increased 6.4% year on year to 39.6 million. International mDAU was 189.4 million, up 18.1% year-on-year.

It also fixed the previously reported mDAU numbers that were overestimating some accounts from the first quarter of 2019 to the fourth quarter of 2021. Twitter said the bug occurred after erroneously reporting about 1.4 million to 1.9 million additional mDAUs quarterly during that period and launching a feature that allows users to switch between individual accounts.

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