Twitter ( NYSE: TWTR ) posted second-quarter results that missed expectations, citing issues with the advertising industry and its pending acquisition from billionaire, Elon Musk.
For the period ending June 30, Twitter ( TWTR ) lost an adjusted 8 cents on $1.18B in revenue, down 1% year-over-year. The company cited foreign exchange impacts, as well as "advertising industry headwinds" and uncertainty surrounding the acquisition by Elon Musk.
Analysts were expecting the company to earn an adjusted 14 cents a share on $1.34B in revenue.
Twitter ( TWTR ) noted that it ended the period with 237.8M average monetizable daily active users, up 16.6% year-over-year, including 41.5M in the U.S., up 14.7% year-over-year. International mDAUs ended the period at 196.3M, up 17% year-over-year.
Twitter ( TWTR ) shares fell nearly 4% following the results.
The weak second-quarter comes as Twitter ( TWTR ) is set to undergo a legal battle between it and Musk over the billionaire's offer to buy the company for $44B, or $54.20 per share.
Musk is trying to terminate the deal, and Twitter ( TWTR ) has sued to force him to close the deal. Earlier this week, a Delaware judge ruled against Musk by deciding that Twitter's ( TWTR ) case can be expedited and said the trial will take place in October, instead of February 2023 as Musk and his team wanted.
The company will not be holding a conference call in light of the ongoing litigation surrounding its proposed buyout by Musk.
Wedbush Securities recently called the situation between Twitter ( TWTR ) and Musk "a game of odds [and] legal analysis", and suggested there are four likely scenarios once the matter is resolved between the two parties .
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Twitter falls as Q2 results miss expectations due to advertising headwinds, Musk deal