Twitter released its first-quarter results yesterday. It reported revenue of $1.2 billion, a 16 percent increase over the previous year. and $1.23 billion less than expected.
But at 8:00 a.m. local time, as the Earnings call begins, the company revealed in a press release that the conference shareholder letter And the financial advice that usually accompanies earnings announcements has been canceled altogether.
In terms of transactional deals with Elon Musk traditionally made during the acquisition, Twitter would not host a meeting, the company wrote in a press release that further details on The past quarter will be available in 10-Q filings with the SEC (SEC).
The quarterly reporting has therefore not been filed with regulators at this time.
Twitter said it expected the deal with Musk, which it agreed to buy the company for $44 billion, to close before the end of the year.
exaggerated user
In its earnings report, Twitter also revealed that There is a feature bug introduced in 2019 that allows users to connect multiple accounts.
This led to a reported 1.9 million daily active users generated revenue (mDAU).
Twitter previously reported 216.6 million daily active users in Q4 2021, but revised that figure to 214.7 million.
The error occurred because accessing through the main account resulted in all linked accounts being counted as mDAUs, Twitter said in a release. This resulted in an exaggerated mDAU from Q1 2019 to Q4 2021.
Although the issue dates back to the first quarter of 2019, Twitter has only provided revised figures for Q4 2020, citing its data retention policy.
Elon Musk’s Plans for Twitter
Even if it’s a big deal with the CEO of an electric car company buying famous social media. But the deal has generated a lot of current and speculation in the crypto community.
Musk has repeatedly said he believes Twitter should be more transparent.
“The code should be on GitHub in order to be able to verify it,” he said during an interview at TED2022 in Vancouver, Canada.
“I just think it’s important to how democracy works in the United States and other countries. The risks to civilization will be reduced if we can increase trust in Twitter as a public platform.”
Musk also said he thinks the process of deciding who should and shouldn’t be censored on Twitter should be decentralized. which is what the crypto community has.
Since the announcement of the Twitter Trading Agreement It was also welcomed by Tylerand Cameron Winklevoss, brother and co-founder of crypto exchange Gemini Trust Company.
FTX CEO Sam Bankman-Fried shared his thoughts on what Twitter’s on-chain version of Twitter will look like.
MicroStrategy CEO Michael Saylor, an avid Bitcoin fan, also expressed his congratulations.
refer : LINK