Twitter revenue unexpectedly drops 1% in latest quarter
Twitter Reports Surprising Decline in Revenue of $1.18 Billion from $1.19ba Year Earlier as It Faces Fierce Competition from TikTok and Apple — and Prepares to Fight Elon Musk in Court Over an Acquisition of $44 billion
Twitter posted a surprise drop in revenue on Friday amid fierce competition from Apple and TikTok in a weakening ad market, as the company faces a legal battle with Elon Musk over its $44 billion buyout deal.
The company reported second-quarter revenue of $1.18 billion, compared to $1.19 billion a year earlier.
Analysts expected $1.32 billion, according to data from Refinitiv IBES.
The results come after Snapchat parent Snap Inc posted weak results and declined to make a prediction, citing “incredibly challenging” conditions as advertisers cut spending.
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Twitter posted a surprising drop in sales on Friday amid fierce competition