Revenue fell 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totaled $1.18 billion in the quarter, which fell short of the $1.32 billion analysts estimated. The company said “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter” were factors in the disappointing results.
“This makes the investment case for Twitter hard to make at this point,” wrote Truist Securities analyst Youssef Squali after Musk’s announcement. Truist estimated that the shares could trade “in the high $20s” if the deal falls through. Like many of its social media peers, Twitter is also facing a major slowdown in advertiser spending and increasing competition from TikTok for viewers. Snap Inc. foreshadowedon Thursday when it reported disappointing sales, citing advertisers slashing budgets more than expected due to the global economic uncertainty, but also increased competition for dwindling marketing dollars.
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