Twitter ( NYSE: TWTR ) shares fell almost 3% Monday as investors and Wall Street analysts continued to asses the social-media giant's position in the wake of its recent quarterly results and ongoing battle with it potential acquirer, Elon Musk.
On Friday, Twitter ( TWTR ) reported second-quarter results that included a loss of 8 cents a share, excluding one-time items, on $1.1B in revenue. Analysts had earlier forecast Twitter ( TWTR ) to 14 cents a share on revenue of $1.34B. The company said its results had been impacted by factors such as foreign currency exchange rates and "headwinds" in the online advertising space.
But, Twitter ( TWTR ) also said that its business had been affected by "uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk." Musk recently said he was terminating his $44B deal to acquire Twitter ( TWTR ), while the company has sued Musk to get him to adhere to the agreed-upon acquisition.
Among Wall Street analysts, John Blackledge, of Cowen over the weekend cut his 2022 Twitter ( TWTR ) revenue estimate to $5.16B from $5.92B, and took down his estimates for monthly daily average users [mDAU] to 254.4M from 269M. Blackledge also cut his price target on Twitter's ( TWTR ) stock to $22 a share from $38.
Last week, a judge in Delaware ruled in favor of Twtter's ( TWTR ) request to expedite the suit and set an October date for the trial .
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Twitter dips into the red; investors and analysts dig into quarterly results