News Twitter on Friday said Elon Musk’s contentious takeover bid, combined with macroeconomic factors affecting the ad market, were to blame for the tech giant missing Wall Street’s revenue expectations for the second quarter.
Why it matters: Twitter’s share price, which is typically a reflection of performance as well as other factors, could play a role in possible negotiations with Musk later this year, if the two parties decide to settle their dispute out of court.
Details: Twitter told investors that the “uncertainty” related to Musk’s pending acquisition was impacting performance.
It also cited headwinds pertaining to the current ad market. Snap, which also depends on advertising revenue, reported an earnings miss and weak forward-looking guidance in response to the macroeconomic challenges hitting the ad market. Twitter’s revenue came in at $1.18 billion last quarter, a decline of 1% from the second quarter the year prior.
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